EUR/USD Restarts Increase
EUR/USD started a fresh increase above the 1.1000 resistance.
Important Takeaways for EUR/USD
· The Euro is rising and gaining pace above the 1.1000 resistance zone.
· There was a break above a key bearish trend line with resistance near 1.1000 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair formed a base above the 1.0945 level. The Euro started a fresh increase above the 1.0965 resistance against the US Dollar.
There was a move above a key bearish trend line with resistance near 1.1000 and the 50-hour simple moving average. The pair is now trading above the 50% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low.
It is now facing resistance near the 61.8% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low at 1.1035.
The next major resistance is near the 1.1070 level. An upside break above 1.1070 could set the pace for another increase considering the hourly RSI is positioned nicely above 50. In the stated case, the pair might visit 1.1120. Any more gains might send the pair towards 1.1150.
If not, EUR/USD might start another decline from 1.1035. Initial support sits near the 1.1000 level. The first major support is near the 1.0965 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0880 support zone.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
Important Takeaways for EUR/USD
· The Euro is rising and gaining pace above the 1.1000 resistance zone.
· There was a break above a key bearish trend line with resistance near 1.1000 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair formed a base above the 1.0945 level. The Euro started a fresh increase above the 1.0965 resistance against the US Dollar.
There was a move above a key bearish trend line with resistance near 1.1000 and the 50-hour simple moving average. The pair is now trading above the 50% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low.
It is now facing resistance near the 61.8% Fib retracement level of the downward move from the 1.1095 swing high to the 1.0972 low at 1.1035.
The next major resistance is near the 1.1070 level. An upside break above 1.1070 could set the pace for another increase considering the hourly RSI is positioned nicely above 50. In the stated case, the pair might visit 1.1120. Any more gains might send the pair towards 1.1150.
If not, EUR/USD might start another decline from 1.1035. Initial support sits near the 1.1000 level. The first major support is near the 1.0965 level, below which the pair could start a major decline. In the stated case, the pair might dive toward the 1.0880 support zone.
This article represents FXOpen Companies’ opinion only, it should not be construed as an offer, solicitation, or recommendation with respect to FXOpen Companies’ products and services or as financial advice.
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