Market Analysis: EUR/USD Dips Again
Market Analysis: EUR/USD Dips Again
EUR/USD declined from the 1.1000 resistance and corrected gains.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.0945 support zone.
- There is a connecting bearish trend line forming with resistance at 1.0920 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1000 resistance zone. The Euro started a fresh decline and traded below the 1.0980 support zone against the US Dollar.
The pair declined below 1.0945 the 1.0880 zone. A low was formed near 1.0881 and the pair is now consolidating losses. There was a minor recovery wave above the 1.0910 level. The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low.
On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.0920 and the 50-hour simple moving average. The next key resistance is near the 50% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low at 1.0945.
The main resistance is 1.0980. A clear move above the 1.0980 level could send the pair toward the 1.1000 resistance. An upside break above 1.1000 could set the pace for another increase. In the stated case, the pair might rise toward 1.1050.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0880. The next key support is at 1.0850. If there is a downside break below 1.0850, the pair could drop toward 1.0810. The next support is near 1.0775, 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.
EUR/USD declined from the 1.1000 resistance and corrected gains.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a fresh decline below the 1.0945 support zone.
- There is a connecting bearish trend line forming with resistance at 1.0920 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair struggled to clear the 1.1000 resistance zone. The Euro started a fresh decline and traded below the 1.0980 support zone against the US Dollar.
The pair declined below 1.0945 the 1.0880 zone. A low was formed near 1.0881 and the pair is now consolidating losses. There was a minor recovery wave above the 1.0910 level. The pair surpassed the 23.6% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low.
On the upside, the pair is now facing resistance near a connecting bearish trend line at 1.0920 and the 50-hour simple moving average. The next key resistance is near the 50% Fib retracement level of the recent decline from the 1.1008 swing high to the 1.0881 low at 1.0945.
The main resistance is 1.0980. A clear move above the 1.0980 level could send the pair toward the 1.1000 resistance. An upside break above 1.1000 could set the pace for another increase. In the stated case, the pair might rise toward 1.1050.
If not, the pair might resume its decline. The first major support on the EUR/USD chart is near 1.0880. The next key support is at 1.0850. If there is a downside break below 1.0850, the pair could drop toward 1.0810. The next support is near 1.0775, 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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