The EUR/USD failed to break through the 1.0765 resistance level and subsequently experienced a decline. The pair is now trading below the 1.0720 support level, as well as the 100 simple moving average and the 200 simple moving average on the 4-hour chart. Currently, it is consolidating near the 1.0670 support zone. A major bearish trend line is forming with resistance at 1.0710 on the chart, providing a significant barrier for any potential upward movement. The first major resistance level lies at 1.0720, with further resistance at 1.0750 and a crucial level at 1.0765. A successful break above these levels could lead to a move towards 1.0820. On the downside, immediate support is seen at 1.0670, followed by a major support level at 1.0650. A break below 1.0650 could signal a larger decline towards 1.0550.
The GBP/USD pair underwent a significant decline after failing to maintain gains above the 1.2680 support zone. This bearish reaction indicates a shift in momentum towards the downside. Traders are closely monitoring further price movements to gauge the extent of this bearish trend.
Bitcoin, the leading cryptocurrency, has also experienced losses recently. The price dipped below the $64,200 support level, raising concerns among investors and traders. The decline in Bitcoin price may have a ripple effect on other cryptocurrencies and the overall sentiment in the market.
The upcoming economic releases, including the German IFO Business Climate Index and the German IFO Current Assessment Index for June 2024, are pivotal for the market. The forecasts for these indices suggest potential impacts on the EUR/USD and GBP/USD pairs. Traders are advised to closely monitor these releases to assess the market direction accurately.
The current status of major currency pairs and Bitcoin indicates a mixed picture with potential downside risks. Traders and investors need to exercise caution and stay informed about the latest developments to make informed decisions in the volatile market environment.