Market Analysis: EUR/USD Eyes Fresh Increase
Market Analysis: EUR/USD Eyes Fresh Increase
EUR/USD started a fresh decline from 1.1200.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.1150 support.
- There is a key bearish trend line forming with resistance at 1.1055 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 decline from the 1.1200 zone. The Euro declined below the 1.1150 support zone to enter a bearish zone against the US Dollar.
The pair even settled below the 1.1110 zone and the 50-hour simple moving average. A low was formed near 1.1026 and the pair is now correcting losses. It is now approaching the 23.6% Fib retracement level of the recent decline from the 1.1190 swing high to the 1.1026 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.1055. There is also a key bearish trend line forming with resistance at 1.1055.
The next major resistance is near 1.1065. The main resistance is now near 1.1110 and the 50% Fib retracement level of the recent decline from the 1.1190 swing high to the 1.1026 low. An upside break above 1.1110 could set the pace for another increase. In the stated case, the pair might rise toward 1.1150.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1025. The next key support is near 1.1000. If there is a downside break below 1.1000, the pair could drop toward 1.0965. The next support is near 1.0950, 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 started a fresh decline from 1.1200.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.1150 support.
- There is a key bearish trend line forming with resistance at 1.1055 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 decline from the 1.1200 zone. The Euro declined below the 1.1150 support zone to enter a bearish zone against the US Dollar.
The pair even settled below the 1.1110 zone and the 50-hour simple moving average. A low was formed near 1.1026 and the pair is now correcting losses. It is now approaching the 23.6% Fib retracement level of the recent decline from the 1.1190 swing high to the 1.1026 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.1055. There is also a key bearish trend line forming with resistance at 1.1055.
The next major resistance is near 1.1065. The main resistance is now near 1.1110 and the 50% Fib retracement level of the recent decline from the 1.1190 swing high to the 1.1026 low. An upside break above 1.1110 could set the pace for another increase. In the stated case, the pair might rise toward 1.1150.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1025. The next key support is near 1.1000. If there is a downside break below 1.1000, the pair could drop toward 1.0965. The next support is near 1.0950, 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.
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