EUR/USD Struggles
EUR/USD started a fresh decline below the 1.0625 support.
Important Takeaways for EUR/USD Analysis Today
· The Euro struggled to clear the 1.0685 resistance and declined against the US Dollar.
· There is a key bullish trend line forming with support near 1.0585 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair attempted a recovery wave above the 1.0640 zone, as mentioned in the previous analysis. The Euro climbed above 1.0660 but struggled near 1.0685 against the US Dollar.
The pair started a fresh decline below the 50-hour simple moving average and 1.0625. The bears were able to push the pair toward the 1.0585 pivot level. The pair traded as low as 1.0583 and is currently showing a lot of bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low.
The first major resistance is near the 50-hour simple moving average at 1.0625. An upside break above the 1.0625 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low at 1.0660.
Any more gains might open the doors for a move toward the 1.0685 level. On the downside, immediate support on the EUR/USD chart is seen near a key bullish trend line at 1.0585. The next major support is near the 1.0530 level. A downside break below the 1.0530 support could send the pair toward the 1.0500 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 1.0685 resistance and declined against the US Dollar.
· There is a key bullish trend line forming with support near 1.0585 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair attempted a recovery wave above the 1.0640 zone, as mentioned in the previous analysis. The Euro climbed above 1.0660 but struggled near 1.0685 against the US Dollar.
The pair started a fresh decline below the 50-hour simple moving average and 1.0625. The bears were able to push the pair toward the 1.0585 pivot level. The pair traded as low as 1.0583 and is currently showing a lot of bearish signs.
Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low.
The first major resistance is near the 50-hour simple moving average at 1.0625. An upside break above the 1.0625 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.0687 swing high to the 1.0583 low at 1.0660.
Any more gains might open the doors for a move toward the 1.0685 level. On the downside, immediate support on the EUR/USD chart is seen near a key bullish trend line at 1.0585. The next major support is near the 1.0530 level. A downside break below the 1.0530 support could send the pair toward the 1.0500 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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