EUR/USD Turns Red
EUR/USD started a fresh decline from the 1.0830 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro struggled to clear the 1.0845 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near 1.0830. The Euro started a fresh decline from the 1.0828 swing high against the US Dollar.
There was a move below the 50-hour simple moving average at 1.0800. The pair tested the 1.0765 support. A low is formed near 1.0760 and the pair is now correcting losses. It is slowly moving higher above the 23.6% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.
Immediate resistance on the upside is near the 50-hour simple moving average at 1.0790. It is close to the 50% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.
The first major resistance is a major bearish trend line at 1.0810. An upside break above the 1.0810 level might send the pair toward the 1.0845 resistance. The next major resistance is near the 1.0900 level. Any more gains might open the doors for a move toward the 1.0920 level.
If there is no move above 1.0810 and RSI stays below 50, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0765.
The next major support is near the 1.0750 level. A downside break below the 1.0750 support could send the pair toward the 1.0720 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.
Important Takeaways for EUR/USD Analysis Today
· The Euro struggled to clear the 1.0845 resistance against the US Dollar.
· There is a major bearish trend line forming with resistance near 1.0800 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near 1.0830. The Euro started a fresh decline from the 1.0828 swing high against the US Dollar.
There was a move below the 50-hour simple moving average at 1.0800. The pair tested the 1.0765 support. A low is formed near 1.0760 and the pair is now correcting losses. It is slowly moving higher above the 23.6% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.
Immediate resistance on the upside is near the 50-hour simple moving average at 1.0790. It is close to the 50% Fib retracement level of the recent decline from the 1.0828 swing high to the 1.0760 low.
The first major resistance is a major bearish trend line at 1.0810. An upside break above the 1.0810 level might send the pair toward the 1.0845 resistance. The next major resistance is near the 1.0900 level. Any more gains might open the doors for a move toward the 1.0920 level.
If there is no move above 1.0810 and RSI stays below 50, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0765.
The next major support is near the 1.0750 level. A downside break below the 1.0750 support could send the pair toward the 1.0720 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.
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