Market Analysis: EUR/USD Trims Gains
Market Analysis: EUR/USD Trims Gains
EUR/USD declined from the 1.1200 resistance and corrected gains.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.1150 support zone.
- There is a connecting bearish trend line forming with resistance at 1.1070 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 1.1200 resistance zone. The Euro started a fresh decline and traded below the 1.1150 support zone against the US Dollar.
The pair declined below 1.1125 and tested the 1.1100 zone. A low was formed near 1.1045 and the pair is now consolidating losses. There was a minor recovery wave above the 1.1060 level. On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.1070.
The trend line is close to the 23.6% Fib retracement level of the recent decline from the 1.1209 swing high to the 1.1045 low. The next key resistance is near the 50-hour simple moving average at 1.1125.
The main resistance is near the 76.4% Fib retracement level of the recent decline from the 1.1209 swing high to the 1.1045 low at 1.1170. A clear move above the 1.1170 level could send the pair toward the 1.1200 resistance.
An upside break above 1.1200 could set the pace for another increase. In the stated case, the pair might rise toward 1.1250.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1045. The next key support is at 1.1020. If there is a downside break below 1.1020, the pair could drop toward 1.1000. The next support is near 1.0965, 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 1.1200 resistance and corrected gains.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.1150 support zone.
- There is a connecting bearish trend line forming with resistance at 1.1070 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 1.1200 resistance zone. The Euro started a fresh decline and traded below the 1.1150 support zone against the US Dollar.
The pair declined below 1.1125 and tested the 1.1100 zone. A low was formed near 1.1045 and the pair is now consolidating losses. There was a minor recovery wave above the 1.1060 level. On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.1070.
The trend line is close to the 23.6% Fib retracement level of the recent decline from the 1.1209 swing high to the 1.1045 low. The next key resistance is near the 50-hour simple moving average at 1.1125.
The main resistance is near the 76.4% Fib retracement level of the recent decline from the 1.1209 swing high to the 1.1045 low at 1.1170. A clear move above the 1.1170 level could send the pair toward the 1.1200 resistance.
An upside break above 1.1200 could set the pace for another increase. In the stated case, the pair might rise toward 1.1250.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.1045. The next key support is at 1.1020. If there is a downside break below 1.1020, the pair could drop toward 1.1000. The next support is near 1.0965, 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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