EUR/USD Turns Red
EUR/USD is struggling below the 1.0700 resistance zone.
Important Takeaways for EUR/USD
· The Euro started a fresh decline below the 1.0700 support zone.
· There is a key bearish trend line forming with resistance near 1.0670 on the hourly chart.
EUR/USD Technical Analysis
The Euro struggled to clear the 1.0800 zone and started a fresh decline against the US Dollar. The EUR/USD pair declined below the 1.0740 support to enter a bearish zone.
There was a clear move below the 1.0700 level and the 50 hourly simple moving average. The pair even declined below the 1.0650 level before correcting a few
EUR/USD Hourly Chart
On the upside, an immediate resistance is near the 1.0670 level. There is also a key bearish trend line forming with resistance near 1.0670 on the hourly chart.
The trend line is near the 50% Fib retracement level of the recent decline from the 1.0698 swing high to 1.0637 low. The 50 hourly simple moving average is also near the 1.0670 resistance zone. The next major resistance is near the 1.0685 level.
The 76.4% Fib retracement level of the recent decline from the 1.0698 swing high to 1.0637 low is also near 1.0685. The main resistance is near 1.0700. A clear move above the 1.0700 resistance might send the price towards 1.0750. If the bulls remain in action, the pair could visit the 1.0800 resistance zone in the near term.
On the downside, the pair might find support near the 1.0635 level. The next major support sits near the 1.0610 level, below which the pair could even test the 1.0565 support zone.
If there is a downside break below the 1.0565 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0520.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
Important Takeaways for EUR/USD
· The Euro started a fresh decline below the 1.0700 support zone.
· There is a key bearish trend line forming with resistance near 1.0670 on the hourly chart.
EUR/USD Technical Analysis
The Euro struggled to clear the 1.0800 zone and started a fresh decline against the US Dollar. The EUR/USD pair declined below the 1.0740 support to enter a bearish zone.
There was a clear move below the 1.0700 level and the 50 hourly simple moving average. The pair even declined below the 1.0650 level before correcting a few
EUR/USD Hourly Chart
On the upside, an immediate resistance is near the 1.0670 level. There is also a key bearish trend line forming with resistance near 1.0670 on the hourly chart.
The trend line is near the 50% Fib retracement level of the recent decline from the 1.0698 swing high to 1.0637 low. The 50 hourly simple moving average is also near the 1.0670 resistance zone. The next major resistance is near the 1.0685 level.
The 76.4% Fib retracement level of the recent decline from the 1.0698 swing high to 1.0637 low is also near 1.0685. The main resistance is near 1.0700. A clear move above the 1.0700 resistance might send the price towards 1.0750. If the bulls remain in action, the pair could visit the 1.0800 resistance zone in the near term.
On the downside, the pair might find support near the 1.0635 level. The next major support sits near the 1.0610 level, below which the pair could even test the 1.0565 support zone.
If there is a downside break below the 1.0565 support, the pair might accelerate lower in the coming sessions. In the stated case, it could even test 1.0520.
Disclaimer: This Forecast represents FXOpen Companies opinion only, it should not be construed as an offer, invitation or recommendation in respect to FXOpen Companies products and services or as Financial Advice.
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