Market Analysis: EUR/USD Dives
EUR/USD started a fresh decline below the 1.0695 support.
Important Takeaways for EUR/USD Analysis Today
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.0750 resistance. The Euro started a fresh decline below the 1.0700 support against the US Dollar, as mentioned in the previous analysis.
There was a break below a key bullish trend line with support at 1.0695. Besides, the pair declined below the 50-hour simple moving average and 1.0675. The pair traded as low as 1.0654 and is currently correcting losses.
The pair is showing bearish signs, and the upsides might remain capped. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0735 swing high to the 1.0654 low at 1.0675.
The next major resistance is near the 1.0695 zone or the 50-hour simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.0735 swing high to the 1.0654 low.
An upside break above the 1.0695 level might send the pair toward the 1.0735 resistance. Any more gains might open the doors for a move toward the 1.0750 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0650. The next major support is near the 1.0630 level. A downside break below the 1.0630 support could send the pair toward the 1.0580 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.
EUR/USD started a fresh decline below the 1.0695 support.
Important Takeaways for EUR/USD Analysis Today
- The Euro struggled to clear the 1.0750 resistance and declined against the US Dollar.
- There was a break below a key bullish trend line with support at 1.0695 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.0750 resistance. The Euro started a fresh decline below the 1.0700 support against the US Dollar, as mentioned in the previous analysis.
There was a break below a key bullish trend line with support at 1.0695. Besides, the pair declined below the 50-hour simple moving average and 1.0675. The pair traded as low as 1.0654 and is currently correcting losses.
The pair is showing bearish signs, and the upsides might remain capped. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0735 swing high to the 1.0654 low at 1.0675.
The next major resistance is near the 1.0695 zone or the 50-hour simple moving average. It is close to the 50% Fib retracement level of the downward move from the 1.0735 swing high to the 1.0654 low.
An upside break above the 1.0695 level might send the pair toward the 1.0735 resistance. Any more gains might open the doors for a move toward the 1.0750 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0650. The next major support is near the 1.0630 level. A downside break below the 1.0630 support could send the pair toward the 1.0580 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.