EUR/USD Dips Again
EUR/USD started a fresh decline from the 1.1050 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro started a fresh decline from the 1.1050 resistance against the US Dollar.
· There is a major bearish trend line forming 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 faced rejection near the 1.1050 level. The Euro started a fresh decline from the 1.1053 high against the US Dollar.
There was a move below the 50-hour simple moving average at 1.1000. The pair tested the 1.0945 support. A low is formed near 1.0941 and the pair is now correcting losses. There was a recovery wave above the 23.6% Fib retracement level of the recent decline from the 1.1053 swing high to the 1.0941 low.
The first major resistance is near the 50-hour simple moving average at 1.1000. It coincides with a major bearish trend line and the 50% Fib retracement level of the recent decline from the 1.1053 swing high to the 1.0941 low.
An upside break above the 1.1000 level might send the pair toward the 1.1050 resistance. The next major resistance is near the 1.1090 level. Any more gains might open the doors for a move toward the 1.1120 level.
If there is no move above 1.1050, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0945.
The next major support is near the 1.0920 level. A downside break below the 1.0920 support could start a steady decline toward the 1.0865 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 started a fresh decline from the 1.1050 resistance against the US Dollar.
· There is a major bearish trend line forming 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 faced rejection near the 1.1050 level. The Euro started a fresh decline from the 1.1053 high against the US Dollar.
There was a move below the 50-hour simple moving average at 1.1000. The pair tested the 1.0945 support. A low is formed near 1.0941 and the pair is now correcting losses. There was a recovery wave above the 23.6% Fib retracement level of the recent decline from the 1.1053 swing high to the 1.0941 low.
The first major resistance is near the 50-hour simple moving average at 1.1000. It coincides with a major bearish trend line and the 50% Fib retracement level of the recent decline from the 1.1053 swing high to the 1.0941 low.
An upside break above the 1.1000 level might send the pair toward the 1.1050 resistance. The next major resistance is near the 1.1090 level. Any more gains might open the doors for a move toward the 1.1120 level.
If there is no move above 1.1050, the pair might start a fresh decline. On the downside, immediate support on the EUR/USD chart is seen near 1.0945.
The next major support is near the 1.0920 level. A downside break below the 1.0920 support could start a steady decline toward the 1.0865 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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