EUR/USD Corrects Gains
EUR/USD started a decent increase above the 1.0860 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro gained pace after it broke the 1.0860 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.0905 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 decent increase and was able to settle above the 1.0860 resistance zone. The Euro was able to climb further higher above the 1.0920 level against the US Dollar.
Finally, it tested the 1.0970 zone. A high is formed near 1.0970 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high.
The pair is now trading below the 50-hour simple moving average. However, there is a major bullish trend line forming with support near 1.0905.
The next major support is near the 61.8% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high at 1.0860. A downside break below the 1.0860 support could send the pair toward the 1.0785 level.
Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0925. The first major resistance is near the 1.0970 level.
An upside break above the 1.0970 level might send the pair toward the 1.1000 resistance. The next major resistance is near the 1.1040 level. Any more gains might open the doors for a move toward the 1.1080 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 gained pace after it broke the 1.0860 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.0905 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 decent increase and was able to settle above the 1.0860 resistance zone. The Euro was able to climb further higher above the 1.0920 level against the US Dollar.
Finally, it tested the 1.0970 zone. A high is formed near 1.0970 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high.
The pair is now trading below the 50-hour simple moving average. However, there is a major bullish trend line forming with support near 1.0905.
The next major support is near the 61.8% Fib retracement level of the upward move from the 1.0803 swing low to the 1.0970 high at 1.0860. A downside break below the 1.0860 support could send the pair toward the 1.0785 level.
Immediate resistance on the EUR/USD chart is near the 50-hour simple moving average at 1.0925. The first major resistance is near the 1.0970 level.
An upside break above the 1.0970 level might send the pair toward the 1.1000 resistance. The next major resistance is near the 1.1040 level. Any more gains might open the doors for a move toward the 1.1080 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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