EUR/USD Drops Again
EUR/USD started a fresh decline from the 1.0930 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro struggled to clear the 1.0930 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.0890 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 many times near the 1.0930 resistance. The Euro started a fresh decline from the 1.0931 swing high against the US Dollar.
There was a move below the 50-hour simple moving average at 1.0890. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.
It seems like the pair might continue to move down considering the RSI is below 35. On the downside, immediate support on the EUR/USD chartis seen near 1.0845. It is close to the 76.4% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.
The next major support is near the 1.0835 level. A downside break below the 1.0835 support could send the pair toward the 1.0780 level.
Immediate resistance on the upside is near the 50-hour simple moving average at 1.0890. It is close to a major bearish trend line. The first major resistance is near 1.0920. The next key resistance is near the 1.0930 level.
An upside break above the 1.0930 level might send the pair toward the 1.0970 resistance. Any more gains might open the doors for a move toward the 1.1010 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 struggled to clear the 1.0930 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.0890 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 many times near the 1.0930 resistance. The Euro started a fresh decline from the 1.0931 swing high against the US Dollar.
There was a move below the 50-hour simple moving average at 1.0890. The bears were able to push the pair below the 50% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.
It seems like the pair might continue to move down considering the RSI is below 35. On the downside, immediate support on the EUR/USD chartis seen near 1.0845. It is close to the 76.4% Fib retracement level of the upward move from the 1.0835 swing low to the 1.0931 high.
The next major support is near the 1.0835 level. A downside break below the 1.0835 support could send the pair toward the 1.0780 level.
Immediate resistance on the upside is near the 50-hour simple moving average at 1.0890. It is close to a major bearish trend line. The first major resistance is near 1.0920. The next key resistance is near the 1.0930 level.
An upside break above the 1.0930 level might send the pair toward the 1.0970 resistance. Any more gains might open the doors for a move toward the 1.1010 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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