Market Analysis: EUR/USD Drops Again
EUR/USD started a fresh decline below the 1.0810 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 1.0900 resistance. The Euro started a fresh decline below the 1.0855 support against the US Dollar, as mentioned in the previous analysis.
There was a move below the 50-hour simple moving average and 1.0810. The bears were able to push the pair below the 1.0765 pivot level. The pair traded as low as 1.0723 and is currently correcting losses.
There was a minor move above a short-term bearish trend line with resistance near 1.0750 and the 50-hour simple moving average. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0723 low.
The next major resistance is near the 1.0810 zone. It is close to the 50% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0723 low.
An upside break above the 1.0810 level might send the pair toward the 1.0855 resistance. Any more gains might open the doors for a move toward the 1.0900 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0720. The next major support is near the 1.0680 level. A downside break below the 1.0680 support could send the pair toward the 1.0625 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 1.0810 support.
Important Takeaways for EUR/USD Analysis Today
- The Euro struggled to clear the 1.0900 resistance and declined against the US Dollar.
- There was a break above a short-term bearish trend line with resistance near 1.0750 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 1.0900 resistance. The Euro started a fresh decline below the 1.0855 support against the US Dollar, as mentioned in the previous analysis.
There was a move below the 50-hour simple moving average and 1.0810. The bears were able to push the pair below the 1.0765 pivot level. The pair traded as low as 1.0723 and is currently correcting losses.
There was a minor move above a short-term bearish trend line with resistance near 1.0750 and the 50-hour simple moving average. Immediate resistance on the upside is near the 23.6% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0723 low.
The next major resistance is near the 1.0810 zone. It is close to the 50% Fib retracement level of the downward move from the 1.0897 swing high to the 1.0723 low.
An upside break above the 1.0810 level might send the pair toward the 1.0855 resistance. Any more gains might open the doors for a move toward the 1.0900 level.
On the downside, immediate support on the EUR/USD chart is seen near 1.0720. The next major support is near the 1.0680 level. A downside break below the 1.0680 support could send the pair toward the 1.0625 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.