EUR/USD Gains Bullish Momentum
EUR/USD gained pace for a move above the 1.0700 resistance.
Important Takeaways for EUR/USD
· The Euro started a fresh increase above the 1.0700 resistance zone.
· There is a key bullish trend line forming with support near 1.0740 on the hourly chart of EUR/USD.
EUR/USD Technical Analysis
This past week, the Euro found support near the 1.0530 zone against the US Dollar. The EUR/USD pair formed a base and recently started a steady increase.
There was a clear move above the 1.0620 and 1.0650 resistance levels. The pair even climbed above the 1.0700 level and the 50 hourly simple moving average. Finally, the pair tested the 1.0780 zone and traded as high as 1.0788 on FXOpen.
EUR/USD Hourly Chart
It is now consolidating gains below the 1.0780 level. An initial support on the downside is near the 1.0755 level. It is near the 38.2% Fib retracement level of the upward move from the 1.0703 swing low to 1.0788 high.
The first major support is near the 1.0740 level. There is also a key bullish trend line forming with support near 1.0740 on the hourly chart of EUR/USD.
The trend line is near the 50% Fib retracement level of the upward move from the 1.0703 swing low to 1.0788 high. The main support sits near the 1.0725 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0650 support zone.
On the upside, an immediate resistance is near the 1.0780 level. The next major resistance is near the 1.0800 level. An upside break above 1.0800 could set the pace for another increase. In the stated case, the pair might visit 1.0880. Any more gains might send the pair towards 1.0950.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for EUR/USD
· The Euro started a fresh increase above the 1.0700 resistance zone.
· There is a key bullish trend line forming with support near 1.0740 on the hourly chart of EUR/USD.
EUR/USD Technical Analysis
This past week, the Euro found support near the 1.0530 zone against the US Dollar. The EUR/USD pair formed a base and recently started a steady increase.
There was a clear move above the 1.0620 and 1.0650 resistance levels. The pair even climbed above the 1.0700 level and the 50 hourly simple moving average. Finally, the pair tested the 1.0780 zone and traded as high as 1.0788 on FXOpen.
EUR/USD Hourly Chart
It is now consolidating gains below the 1.0780 level. An initial support on the downside is near the 1.0755 level. It is near the 38.2% Fib retracement level of the upward move from the 1.0703 swing low to 1.0788 high.
The first major support is near the 1.0740 level. There is also a key bullish trend line forming with support near 1.0740 on the hourly chart of EUR/USD.
The trend line is near the 50% Fib retracement level of the upward move from the 1.0703 swing low to 1.0788 high. The main support sits near the 1.0725 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0650 support zone.
On the upside, an immediate resistance is near the 1.0780 level. The next major resistance is near the 1.0800 level. An upside break above 1.0800 could set the pace for another increase. In the stated case, the pair might visit 1.0880. Any more gains might send the pair towards 1.0950.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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