Market Analysis: EUR/USD Regains Strength
Market Analysis: EUR/USD Regains Strength
EUR/USD started a fresh increase above the 1.1000 resistance.
Important Takeaways for EUR/USD Analysis Today
- The Euro surged after it broke the 1.0950 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near 1.1090 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 1.0950 zone. The Euro cleared the 1.1000 resistance to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.1050. Finally, the pair tested the 1.1130 resistance. A high was formed near 1.1132 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 high.
Immediate support on the downside is near a connecting bullish trend line at 1.1090. The next major support is the 50% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 high at 1.1050.
A downside break below the 1.1050 support could send the pair toward the 1.1000 level. Any more losses might send the pair into a bearish zone toward 1.0950.
Immediate resistance on the EUR/USD chart is near the 1.1130 zone. The first major resistance is near the 1.1150 level. An upside break above the 1.1150 level might send the pair toward the 1.1200 resistance.
The next major resistance is near the 1.1220 level. Any more gains might open the doors for a move toward the 1.1250 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.
EUR/USD started a fresh increase above the 1.1000 resistance.
Important Takeaways for EUR/USD Analysis Today
- The Euro surged after it broke the 1.0950 resistance against the US Dollar.
- There is a connecting bullish trend line forming with support near 1.1090 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 1.0950 zone. The Euro cleared the 1.1000 resistance to move into a bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.1050. Finally, the pair tested the 1.1130 resistance. A high was formed near 1.1132 and the pair is now consolidating gains above the 23.6% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 high.
Immediate support on the downside is near a connecting bullish trend line at 1.1090. The next major support is the 50% Fib retracement level of the upward wave from the 1.0798 swing low to the 1.1132 high at 1.1050.
A downside break below the 1.1050 support could send the pair toward the 1.1000 level. Any more losses might send the pair into a bearish zone toward 1.0950.
Immediate resistance on the EUR/USD chart is near the 1.1130 zone. The first major resistance is near the 1.1150 level. An upside break above the 1.1150 level might send the pair toward the 1.1200 resistance.
The next major resistance is near the 1.1220 level. Any more gains might open the doors for a move toward the 1.1250 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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