EUR/USD Dips Again
EUR/USD started a fresh decline from 1.1040.
Important Takeaways for EUR/USD Analysis Today
· The Euro started a fresh decline from the 1.1040 resistance zone.
· There is a key bearish trend line forming with resistance near 1.0975 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1040 zone. The Euro declined below the 1.1015 support zone against the US Dollar.
The pair even settled below the 1.1000 zone and the 50-hour simple moving average. A low is formed near 1.0929 and the pair is now correcting losses above the 23.6% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0975 and a key bearish trend line. The next major resistance is near 1.1015.
The 76.4% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low is also near 1.1015. The main resistance is still near 1.1040. An upside break above 1.1040 could set the pace for another increase. In the stated case, the pair might rise toward 1.1100.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0930. The next key support is near 1.0910. If there is a downside break below 1.0910, the pair could drop toward 1.0880. The main support is near 1.0850, below which the pair could start a major decline.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Important Takeaways for EUR/USD Analysis Today
· The Euro started a fresh decline from the 1.1040 resistance zone.
· There is a key bearish trend line forming with resistance near 1.0975 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1040 zone. The Euro declined below the 1.1015 support zone against the US Dollar.
The pair even settled below the 1.1000 zone and the 50-hour simple moving average. A low is formed near 1.0929 and the pair is now correcting losses above the 23.6% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0975 and a key bearish trend line. The next major resistance is near 1.1015.
The 76.4% Fib retracement level of the recent decline from the 1.1042 swing high to the 1.0929 low is also near 1.1015. The main resistance is still near 1.1040. An upside break above 1.1040 could set the pace for another increase. In the stated case, the pair might rise toward 1.1100.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0930. The next key support is near 1.0910. If there is a downside break below 1.0910, the pair could drop toward 1.0880. The main support is near 1.0850, below which the pair could start a major decline.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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