EUR/USD Nosedives
EUR/USD started a fresh decline from 1.0940.
Important Takeaways for EUR/USD Analysis Today
· The Euro started a fresh decline below the 1.0860 support zone.
· There is a key bearish trend line forming with resistance near 1.0760 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.0940 zone. The Euro declined below the 1.0860 support zone against the US Dollar.
The pair even settled below the 1.0805 zone and the 50-hour simple moving average. A low is formed near 1.0707 and the pair is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the 1.0808 swing high to the 1.0707 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0760 and a key bearish trend line. It is close to the 50% Fib retracement level of the recent decline from the 1.0808 swing high to the 1.0707 low.
The next major resistance is near 1.0805. The main resistance is now near 1.0860. An upside break above 1.0860 could set the pace for another increase. In the stated case, the pair might rise toward 1.0940.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0705. The next key support is at 1.0680. If there is a downside break below 1.0680, the pair could drop toward 1.0635. The next support is near 1.0620, 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 1.0860 support zone.
· There is a key bearish trend line forming with resistance near 1.0760 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.0940 zone. The Euro declined below the 1.0860 support zone against the US Dollar.
The pair even settled below the 1.0805 zone and the 50-hour simple moving average. A low is formed near 1.0707 and the pair is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the 1.0808 swing high to the 1.0707 low.
On the upside, the pair is now facing resistance near the 50-hour simple moving average at 1.0760 and a key bearish trend line. It is close to the 50% Fib retracement level of the recent decline from the 1.0808 swing high to the 1.0707 low.
The next major resistance is near 1.0805. The main resistance is now near 1.0860. An upside break above 1.0860 could set the pace for another increase. In the stated case, the pair might rise toward 1.0940.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0705. The next key support is at 1.0680. If there is a downside break below 1.0680, the pair could drop toward 1.0635. The next support is near 1.0620, 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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