Market Analysis: EUR/USD Faces Rejection
EUR/USD declined from the 1.1640 resistance and traded below 1.1550.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline after a strong surge above the 1.1600 zone.
- There is a connecting bearish trend line forming with resistance at 1.1545 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair rallied above the 1.1600 resistance zone before the bears appeared, as discussed in the previous analysis. The Euro started a fresh decline and traded below the 1.1550 support zone against the US Dollar.
The pair declined below 1.1520 and tested the 1.1475 zone. A low was formed near 1.1475 and the pair started a consolidation phase. There was a minor recovery wave above the 1.1495 level.
The pair tested the 23.6% Fib retracement level of the downward move from the 1.1614 swing high to the 1.1475 low. EUR/USD is now trading below 1.1550 and the 50-hour simple moving average. On the upside, the pair is now facing resistance near the 1.1505 level.
The next key resistance is at 1.1545 and the 50% Fib retracement level of the downward move from the 1.1614 swing high to the 1.1475 low. There is also a connecting bearish trend line forming with resistance at 1.1545.
The main resistance is near the 1.1580 level. A clear move above the 1.1580 level could send the pair toward the 1.1615 resistance. An upside break above 1.1615 could set the pace for another increase. In the stated case, the pair might rise toward 1.1650.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1475. The next key support is at 1.1450. If there is a downside break below 1.1450, the pair could drop toward 1.1400. The next support is near 1.1350, 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.
EUR/USD declined from the 1.1640 resistance and traded below 1.1550.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline after a strong surge above the 1.1600 zone.
- There is a connecting bearish trend line forming with resistance at 1.1545 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair rallied above the 1.1600 resistance zone before the bears appeared, as discussed in the previous analysis. The Euro started a fresh decline and traded below the 1.1550 support zone against the US Dollar.
The pair declined below 1.1520 and tested the 1.1475 zone. A low was formed near 1.1475 and the pair started a consolidation phase. There was a minor recovery wave above the 1.1495 level.
The pair tested the 23.6% Fib retracement level of the downward move from the 1.1614 swing high to the 1.1475 low. EUR/USD is now trading below 1.1550 and the 50-hour simple moving average. On the upside, the pair is now facing resistance near the 1.1505 level.
The next key resistance is at 1.1545 and the 50% Fib retracement level of the downward move from the 1.1614 swing high to the 1.1475 low. There is also a connecting bearish trend line forming with resistance at 1.1545.
The main resistance is near the 1.1580 level. A clear move above the 1.1580 level could send the pair toward the 1.1615 resistance. An upside break above 1.1615 could set the pace for another increase. In the stated case, the pair might rise toward 1.1650.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1475. The next key support is at 1.1450. If there is a downside break below 1.1450, the pair could drop toward 1.1400. The next support is near 1.1350, 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.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.