EUR/USD Smashes Resistance
EUR/USD started a fresh increase above the 1.0975 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro is rising and trading well above the 1.1020 resistance zone.
· There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0835 zone. The Euro climbed above the 1.0900 resistance zone against the US Dollar.
The pair even settled above the 1.0975 resistance and the 50-hour simple moving average. There was an upside break above the 76.4% Fib retracement level of the downside correction from the 1.1026 swing high to the 1.0977 low.
The pair is now consolidating gains below the 1.1040 resistance. The first major support is near a key bullish trend line at 1.1020.
The next key support is near the 50-hour simple moving average at 1.0995. If there is a downside break below 1.0995, the pair could drop toward the 1.0975 support. The main support on the EUR/USD chart is near 1.0900, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near the 1.236 Fib extension level of the downside correction from the 1.1026 swing high to the 1.0977 low at 1.1040.
The next major resistance is near the 1.1065 level. An upside break above 1.1065 could set the pace for another increase. In the stated case, the pair might rise toward 1.1120.
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 is rising and trading well above the 1.1020 resistance zone.
· There is a key bullish trend line forming with support near 1.1020 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0835 zone. The Euro climbed above the 1.0900 resistance zone against the US Dollar.
The pair even settled above the 1.0975 resistance and the 50-hour simple moving average. There was an upside break above the 76.4% Fib retracement level of the downside correction from the 1.1026 swing high to the 1.0977 low.
The pair is now consolidating gains below the 1.1040 resistance. The first major support is near a key bullish trend line at 1.1020.
The next key support is near the 50-hour simple moving average at 1.0995. If there is a downside break below 1.0995, the pair could drop toward the 1.0975 support. The main support on the EUR/USD chart is near 1.0900, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near the 1.236 Fib extension level of the downside correction from the 1.1026 swing high to the 1.0977 low at 1.1040.
The next major resistance is near the 1.1065 level. An upside break above 1.1065 could set the pace for another increase. In the stated case, the pair might rise toward 1.1120.
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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