Market Analysis: EUR/USD Struggles
EUR/USD started another decline from the 1.0915 resistance.
Important Takeaways for EUR/USD Analysis Today
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.0915 resistance zone. The Euro started a fresh decline and traded below the 1.0880 support zone against the US Dollar.
There was a break below a key bullish trend line with support at 1.0880. The pair even declined below 1.0840 and tested the 1.0820 zone. A low is formed near 1.0821 and the pair is now correcting losses.
On the upside, the pair is now facing resistance near the 50% Fib retracement level of the recent decline from the 1.0916 swing high to the 1.0821 low at 1.0865.
The next key resistance is near the 50-hour simple moving average at 1.0880. It is close to the 61.8% Fib retracement level of the recent decline from the 1.0916 swing high to the 1.0821 low. The main resistance is 1.0915.
A clear move above the 1.0915 level could send the pair toward the 1.0950 resistance. An upside break above 1.0950 could set the pace for another increase. In the stated case, the pair might rise toward 1.1020.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0840. The next key support is at 1.0820. If there is a downside break below 1.0820, the pair could drop toward 1.0785. The next support is near 1.0750, 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.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.0880 support zone.
- There was a break below a key bullish trend line with support at 1.0880 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 1.0915 resistance zone. The Euro started a fresh decline and traded below the 1.0880 support zone against the US Dollar.
There was a break below a key bullish trend line with support at 1.0880. The pair even declined below 1.0840 and tested the 1.0820 zone. A low is formed near 1.0821 and the pair is now correcting losses.
On the upside, the pair is now facing resistance near the 50% Fib retracement level of the recent decline from the 1.0916 swing high to the 1.0821 low at 1.0865.
The next key resistance is near the 50-hour simple moving average at 1.0880. It is close to the 61.8% Fib retracement level of the recent decline from the 1.0916 swing high to the 1.0821 low. The main resistance is 1.0915.
A clear move above the 1.0915 level could send the pair toward the 1.0950 resistance. An upside break above 1.0950 could set the pace for another increase. In the stated case, the pair might rise toward 1.1020.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0840. The next key support is at 1.0820. If there is a downside break below 1.0820, the pair could drop toward 1.0785. The next support is near 1.0750, 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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