EUR/USD Struggles Below 1.1000
EUR/USD started a downside correction from the 1.1075 resistance.
Important Takeaways for EUR/USD
· The Euro struggled to stay above 1.1000 and corrected lower.
· There is a key bearish trend line forming with resistance near 1.0990 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1075 resistance. The Euro started a fresh decline below 1.1000 against the US Dollar.
There was a drop below the 1.0935 support but the bulls were active near the 1.0910 support. A low is formed near 1.0909 and the pair is now attempting a fresh increase. There was a break above the 1.0935 level and the 50-hour simple moving average.
It is now facing resistance near a key bearish trend line forming with resistance near 1.0990. The trend line is close to the 50% Fib retracement level of the downward move from the 1.1075 swing high to the 1.0910 low.
The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.1075 swing high to the 1.0910 low at 1.1035. An upside break above 1.1035 could set the pace for another increase. In the stated case, the pair might visit 1.1075. Any more gains might send the pair towards 1.1150.
If not, EUR/USD might decline again below the 1.0935 support. The first major support is near the 1.0910 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0835 support zone.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for EUR/USD
· The Euro struggled to stay above 1.1000 and corrected lower.
· There is a key bearish trend line forming with resistance near 1.0990 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1075 resistance. The Euro started a fresh decline below 1.1000 against the US Dollar.
There was a drop below the 1.0935 support but the bulls were active near the 1.0910 support. A low is formed near 1.0909 and the pair is now attempting a fresh increase. There was a break above the 1.0935 level and the 50-hour simple moving average.
It is now facing resistance near a key bearish trend line forming with resistance near 1.0990. The trend line is close to the 50% Fib retracement level of the downward move from the 1.1075 swing high to the 1.0910 low.
The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.1075 swing high to the 1.0910 low at 1.1035. An upside break above 1.1035 could set the pace for another increase. In the stated case, the pair might visit 1.1075. Any more gains might send the pair towards 1.1150.
If not, EUR/USD might decline again below the 1.0935 support. The first major support is near the 1.0910 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0835 support zone.
This forecast represents FXOpen Companies’ opinion only, it should not be construed as an offer, invitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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