Market Analysis: EUR/USD Strengthens
EUR/USD started a fresh increase above the 1.1050 resistance.
Important Takeaways for EUR/USD Analysis Today
- The Euro surged after it broke the 1.1050 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near 1.1125 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 increase from the 1.1000 zone. The Euro cleared the 1.1050 resistance to move into a bullish zone against the US Dollar, as mentioned in the last analysis.
The bulls pushed the pair above the 50-hour simple moving average and 1.1100. Finally, the pair tested the 1.1145 resistance. A high was formed near 1.1146 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.1001 swing low to the 1.1146 high.
Immediate support on the downside is near a connecting bullish trend line at 1.1125. The next major support is the 1.1110 level. A downside break below the 1.1110 support could send the pair toward the 1.1075 level.
The 50% Fib retracement level of the upward wave from the 1.1001 swing low to the 1.1146 high is also at 1.1075. Any more losses might send the pair into a bearish zone toward 1.1050.
Immediate resistance on the EUR/USD chart is near the 1.1145 zone. The first major resistance is near the 1.1165 level. An upside break above the 1.1165 level might send the pair toward the 1.1200 resistance.
The next major resistance is near the 1.1250 level. Any more gains might open the doors for a move toward the 1.1285 level.
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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