Market Analysis: EUR/USD Struggles To Recover
Market Analysis: EUR/USD Struggles To Recover
EUR/USD is attempting a recovery wave from the 1.0675 zone.
Important Takeaways for EUR/USD Analysis Today
- The Euro declined toward 1.0675 before it started a recovery wave against the US Dollar.
- There is a key bullish trend line forming with support at 1.0710 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0720 support zone. The Euro even declined below 1.0700 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.
The pair tested the 1.0675 zone and recently started a recovery wave. There was a move above the 1.0710 resistance zone, but the bears were active near 1.0745. As a result, there was another pullback to 1.0690 and the pair is now consolidating below the 50-hour simple moving average.
Immediate resistance on the EUR/USD chart is near the 1.0718 zone. It is close to the 50% Fib retracement level of the downward move from the 1.0744 swing high to the 1.0690 low.
The first major resistance is near the 1.0725 level or the 61.8% Fib retracement level of the downward move from the 1.0744 swing high to the 1.0690 low. An upside break above the 1.0725 level might send the pair toward the 1.0745 resistance.
The next major resistance is near the 1.0780 level. Any more gains might open the doors for a move toward the 1.0820 level. Immediate support on the downside sits at 1.0710.
There is also a key bullish trend line forming with support at 1.0710. The next major support is the 1.0695 zone. A downside break below the 1.0695 support could send the pair toward the 1.0675 level. Any more losses might send the pair to 1.0650.
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EUR/USD is attempting a recovery wave from the 1.0675 zone.
Important Takeaways for EUR/USD Analysis Today
- The Euro declined toward 1.0675 before it started a recovery wave against the US Dollar.
- There is a key bullish trend line forming with support at 1.0710 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0720 support zone. The Euro even declined below 1.0700 before the bulls appeared against the US Dollar, as mentioned in the previous analysis.
The pair tested the 1.0675 zone and recently started a recovery wave. There was a move above the 1.0710 resistance zone, but the bears were active near 1.0745. As a result, there was another pullback to 1.0690 and the pair is now consolidating below the 50-hour simple moving average.
Immediate resistance on the EUR/USD chart is near the 1.0718 zone. It is close to the 50% Fib retracement level of the downward move from the 1.0744 swing high to the 1.0690 low.
The first major resistance is near the 1.0725 level or the 61.8% Fib retracement level of the downward move from the 1.0744 swing high to the 1.0690 low. An upside break above the 1.0725 level might send the pair toward the 1.0745 resistance.
The next major resistance is near the 1.0780 level. Any more gains might open the doors for a move toward the 1.0820 level. Immediate support on the downside sits at 1.0710.
There is also a key bullish trend line forming with support at 1.0710. The next major support is the 1.0695 zone. A downside break below the 1.0695 support could send the pair toward the 1.0675 level. Any more losses might send the pair to 1.0650.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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