EUR/USD Attempts Recovery
EUR/USD started a recovery wave above the 1.0550 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro gained pace after it broke the 1.0550 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.0570 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 recovery wave from the 1.0450 level. The Euro even cleared the 1.0485 barrier to move into a short-term bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0570. Finally, the pair tested the 1.0615 resistance. It is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high.
Immediate support on the downside is 1.0595. The next major support is near a bullish trend line at 1.0570 and the 50-hour simple moving average.
The trend line is close to the 50% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high. A downside break below the 1.0570 support could send the pair toward the 1.0485 level.
Immediate resistance on the EUR/USD chart is near the 1.0615 zone. The first major resistance is near the 1.0650 level. An upside break above the 1.0650 level might send the pair toward the 1.0700 resistance.
The next major resistance is near the 1.0720 level. Any more gains might open the doors for a move toward the 1.0800 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 gained pace after it broke the 1.0550 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.0570 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 recovery wave from the 1.0450 level. The Euro even cleared the 1.0485 barrier to move into a short-term bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0570. Finally, the pair tested the 1.0615 resistance. It is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high.
Immediate support on the downside is 1.0595. The next major support is near a bullish trend line at 1.0570 and the 50-hour simple moving average.
The trend line is close to the 50% Fib retracement level of the upward wave from the 1.0519 swing low to the 1.0619 high. A downside break below the 1.0570 support could send the pair toward the 1.0485 level.
Immediate resistance on the EUR/USD chart is near the 1.0615 zone. The first major resistance is near the 1.0650 level. An upside break above the 1.0650 level might send the pair toward the 1.0700 resistance.
The next major resistance is near the 1.0720 level. Any more gains might open the doors for a move toward the 1.0800 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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