EUR/USD Resumes Rally
EUR/USD started a fresh increase above the 1.0890 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro rallied after it broke the 1.0890 resistance against the US Dollar.
· There is a connecting bullish trend line forming with support near 1.0955 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 1.0740 zone. The Euro cleared the 1.0830 resistance to move into a bullish zone against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 50-hour simple moving average and 1.0890. Finally, the pair tested the 1.1000 resistance. A high is formed near 1.1009 and the pair is now consolidating gains. Immediate support on the downside is near the 1.0955 level.
There is also a connecting bullish trend line forming with support near 1.0955. It is close to the 23.6% Fib retracement level of the upward wave from the 1.0777 swing low to the 1.1009 high.
The next major support is the 50% Fib retracement level of the upward wave from the 1.0777 swing low to the 1.1009 high at 1.0890. A downside break below the 1.0890 support could send the pair toward the 1.0820 level. Any more losses might send the pair into a bearish zone to 1.0740.
Immediate resistance on the EUR/USD chart is near the 1.1000 zone. The first major resistance is near the 1.1020 level. An upside break above the 1.1020 level might send the pair toward the 1.1065 resistance.
The next major resistance is near the 1.1080 level. Any more gains might open the doors for a move toward the 1.1150 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 1.0890 resistance against the US Dollar.
· There is a connecting bullish trend line forming with support near 1.0955 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 1.0740 zone. The Euro cleared the 1.0830 resistance to move into a bullish zone against the US Dollar, as mentioned in the previous analysis.
The bulls pushed the pair above the 50-hour simple moving average and 1.0890. Finally, the pair tested the 1.1000 resistance. A high is formed near 1.1009 and the pair is now consolidating gains. Immediate support on the downside is near the 1.0955 level.
There is also a connecting bullish trend line forming with support near 1.0955. It is close to the 23.6% Fib retracement level of the upward wave from the 1.0777 swing low to the 1.1009 high.
The next major support is the 50% Fib retracement level of the upward wave from the 1.0777 swing low to the 1.1009 high at 1.0890. A downside break below the 1.0890 support could send the pair toward the 1.0820 level. Any more losses might send the pair into a bearish zone to 1.0740.
Immediate resistance on the EUR/USD chart is near the 1.1000 zone. The first major resistance is near the 1.1020 level. An upside break above the 1.1020 level might send the pair toward the 1.1065 resistance.
The next major resistance is near the 1.1080 level. Any more gains might open the doors for a move toward the 1.1150 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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