Market Analysis: EUR/USD Slips
Market Analysis: EUR/USD Slips
EUR/USD started a downside correction from the 1.0890 resistance.
Important Takeaways for EUR/USD Analysis Today
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair gained pace for a move above the 1.0850 zone, as mentioned in the previous analysis. The Euro tested the 1.0890 resistance and recently corrected gains against the US Dollar.
The pair dipped below the 1.0870 level. There was a break below a key bullish trend line with support at 1.0860. It even tested the 50% Fib retracement level of the upward move from the 1.0805 swing low to the 1.0889 high.
The pair is showing some bearish signs, and the upsides might remain capped. Immediate resistance on the upside is near the 50-hour simple moving average at 1.0870.
The next major resistance is near the 1.0890 zone. An upside break above the 1.0890 level might send the pair toward the 1.0920 resistance. Any more gains might open the doors for a move toward the 1.0950 level.
On the downside, immediate support on the EUR/USD chart is seen near the 61.8% Fib retracement level of the upward move from the 1.0805 swing low to the 1.0889 high at 1.0840. The next major support is near the 1.0825 level. A downside break below the 1.0825 support could send the pair toward the 1.0805 level.
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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 downside correction from the 1.0890 resistance.
Important Takeaways for EUR/USD Analysis Today
- The Euro struggled to clear the 1.0890 resistance and declined against the US Dollar.
- There was a break below a key bullish trend line with support at 1.0860 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair gained pace for a move above the 1.0850 zone, as mentioned in the previous analysis. The Euro tested the 1.0890 resistance and recently corrected gains against the US Dollar.
The pair dipped below the 1.0870 level. There was a break below a key bullish trend line with support at 1.0860. It even tested the 50% Fib retracement level of the upward move from the 1.0805 swing low to the 1.0889 high.
The pair is showing some bearish signs, and the upsides might remain capped. Immediate resistance on the upside is near the 50-hour simple moving average at 1.0870.
The next major resistance is near the 1.0890 zone. An upside break above the 1.0890 level might send the pair toward the 1.0920 resistance. Any more gains might open the doors for a move toward the 1.0950 level.
On the downside, immediate support on the EUR/USD chart is seen near the 61.8% Fib retracement level of the upward move from the 1.0805 swing low to the 1.0889 high at 1.0840. The next major support is near the 1.0825 level. A downside break below the 1.0825 support could send the pair toward the 1.0805 level.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
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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