Market Analysis: EUR/USD Attempts Recovery
Market Analysis: EUR/USD Attempts Recovery
EUR/USD is recovering losses from the 1.0335 zone.
Important Takeaways for EUR/USD Analysis Today
- The Euro struggled to start a fresh increase and declined below the 1.0500 zone.
- There is a key contracting triangle forming with resistance at 1.0500 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 decline from the 1.0610 zone. The Euro declined below the 1.0550 and 1.0500 levels against the US Dollar.
The pair even declined below 1.0400 and the 50-hour simple moving average. Finally, it tested the 1.0335 zone. A low was formed at 1.0332 and the pair is now recovering losses. There was a move above the 1.0400 level.
The pair surpassed the 50% Fib retracement level of the downward move from the 1.0609 swing high to the 1.0332 low. On the upside, the pair is now facing resistance near 1.0500.
There is also a key contracting triangle forming with resistance at 1.0500. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.0609 swing high to the 1.0332 low at 1.0545.
An upside break above 1.0545 could set the pace for another increase. In the stated case, the pair might rise toward 1.0610. Immediate support is near the 1.0430 level.
The next major support is at 1.0400. If there is a downside break below 1.0400, the pair could drop toward the 1.0335 support. The main support on the EUR/USD chart is near 1.0320, 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 is recovering losses from the 1.0335 zone.
Important Takeaways for EUR/USD Analysis Today
- The Euro struggled to start a fresh increase and declined below the 1.0500 zone.
- There is a key contracting triangle forming with resistance at 1.0500 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 decline from the 1.0610 zone. The Euro declined below the 1.0550 and 1.0500 levels against the US Dollar.
The pair even declined below 1.0400 and the 50-hour simple moving average. Finally, it tested the 1.0335 zone. A low was formed at 1.0332 and the pair is now recovering losses. There was a move above the 1.0400 level.
The pair surpassed the 50% Fib retracement level of the downward move from the 1.0609 swing high to the 1.0332 low. On the upside, the pair is now facing resistance near 1.0500.
There is also a key contracting triangle forming with resistance at 1.0500. The next major resistance is near the 76.4% Fib retracement level of the downward move from the 1.0609 swing high to the 1.0332 low at 1.0545.
An upside break above 1.0545 could set the pace for another increase. In the stated case, the pair might rise toward 1.0610. Immediate support is near the 1.0430 level.
The next major support is at 1.0400. If there is a downside break below 1.0400, the pair could drop toward the 1.0335 support. The main support on the EUR/USD chart is near 1.0320, 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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