EUR/USD Extends Rally
EUR/USD started a steady increase above the 1.0830 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro rallied after it broke the 1.0830 resistance against the US Dollar.
· There is a short-term bearish trend line forming with resistance near 1.0930 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 decent increase from the 1.0700 zone. The Euro cleared the 1.0750 resistance to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0965 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high.
Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high at 1.0895. The next major support is 1.0880.
A downside break below the 1.0880 support could send the pair toward the 1.0830 level. Any more losses might send the pair into a bearish zone to 1.0750.
Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0930. There is also a short-term bearish trend line forming with resistance near 1.0930. The first major resistance is near the 1.0965 level. An upside break above the 1.0965 level might send the pair toward the 1.0985 resistance.
The next major resistance is near the 1.1000 level. Any more gains might open the doors for a move toward the 1.1050 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.
Important Takeaways for EUR/USD Analysis Today
· The Euro rallied after it broke the 1.0830 resistance against the US Dollar.
· There is a short-term bearish trend line forming with resistance near 1.0930 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 decent increase from the 1.0700 zone. The Euro cleared the 1.0750 resistance to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0830. Finally, the pair tested the 1.0965 resistance. It is now correcting gains and trading below the 23.6% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high.
Immediate support on the downside is near the 50% Fib retracement level of the upward wave from the 1.0824 swing low to the 1.0965 high at 1.0895. The next major support is 1.0880.
A downside break below the 1.0880 support could send the pair toward the 1.0830 level. Any more losses might send the pair into a bearish zone to 1.0750.
Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0930. There is also a short-term bearish trend line forming with resistance near 1.0930. The first major resistance is near the 1.0965 level. An upside break above the 1.0965 level might send the pair toward the 1.0985 resistance.
The next major resistance is near the 1.1000 level. Any more gains might open the doors for a move toward the 1.1050 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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