EUR/USD Daily Chart Outlook: Dollar Could Outperform
EUR/USD started a fresh decline from the 1.1265 zone.
Important Takeaways for EUR/USD Analysis
EUR/USD Technical Analysis
On the daily chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1265 zone. The Euro declined below the 1.1090 support zone to move into a short-term bearish zone against the US Dollar.
The pair even spiked below 1.1000 before the bulls emerged near 1.0965. The euro seems to be finding bids near the 50% Fib retracement level of the upward move from the 1.0661 swing low to the 1.1275 high.
There is also a key bullish trend line forming with support near 1.0965. The main support on the EUR/USD chart is near the 50-day simple moving average at 1.0920.
The 61.8% Fib retracement level of the upward move from the 1.0661 swing low to the 1.1275 high is also near 1.0920. If there is a downside break below 1.0920, the pair could drop toward 1.0800. Any more losses could open the doors for a move to 1.0660.
On the upside, the pair is facing resistance near the 1.1090 zone, above which the bulls might aim for a steady increase. The next major resistance is near 1.1265. An upside break above 1.1265 could set the pace for another increase. In the stated case, the pair might rise toward 1.1340.
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
- The Euro failed to clear 1.1265 and declined below 1.1090.
- There is a key bullish trend line forming with support near 1.0965 on the daily chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the daily chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1265 zone. The Euro declined below the 1.1090 support zone to move into a short-term bearish zone against the US Dollar.
The pair even spiked below 1.1000 before the bulls emerged near 1.0965. The euro seems to be finding bids near the 50% Fib retracement level of the upward move from the 1.0661 swing low to the 1.1275 high.
There is also a key bullish trend line forming with support near 1.0965. The main support on the EUR/USD chart is near the 50-day simple moving average at 1.0920.
The 61.8% Fib retracement level of the upward move from the 1.0661 swing low to the 1.1275 high is also near 1.0920. If there is a downside break below 1.0920, the pair could drop toward 1.0800. Any more losses could open the doors for a move to 1.0660.
On the upside, the pair is facing resistance near the 1.1090 zone, above which the bulls might aim for a steady increase. The next major resistance is near 1.1265. An upside break above 1.1265 could set the pace for another increase. In the stated case, the pair might rise toward 1.1340.
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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