EUR/USD Eyes Recovery
EUR/USD is correcting higher from the 1.0520 zone
Important Takeaways for EUR/USD
· The Euro started an upside correction above the 1.0550 resistance zone.
· There was a break above a key bearish trend line with resistance near 1.0570 on the hourly chart of EUR/USD.
EUR/USD Technical Analysis
This past week, the Euro saw bearish moves below the 1.0600 support against the US Dollar. The EUR/USD pair even broke the 1.0580 support zone.
The pair gained pace below the 1.0550 support zone and traded as low as 1.0532 on FXOpen. The pair started an upside correction and traded above the 1.0550 resistance. There was a clear move above the 1.0580 level.
EUR/USD Hourly Chart
Besides, there was a break above a key bearish trend line with resistance near 1.0570 on the hourly chart of EUR/USD. A high was formed near 1.0645 and the pair started a fresh decline. There was a clear move below the 1.0600 support zone, but the pair stayed above the 50 hourly simple moving average.
There was a spike below the 61.8% Fib retracement level of the upward move from the 1.0532 swing low to 1.0645 high. It is now consolidating near the 1.0590 level.
On the upside, an immediate resistance is near the 1.0600 level. The next major resistance is near the 1.0640 level. An upside break above 1.0640 could set the pace for another increase. In the stated case, the pair might visit 1.0700.
Any more gains might send the pair towards 1.0750. If not, it could continue to move down. An initial support on the downside is near the 1.0570 level. The first major support is near the 1.0550 level.
The main support sits near the 1.0535 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0450 support zone.
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 an upside correction above the 1.0550 resistance zone.
· There was a break above a key bearish trend line with resistance near 1.0570 on the hourly chart of EUR/USD.
EUR/USD Technical Analysis
This past week, the Euro saw bearish moves below the 1.0600 support against the US Dollar. The EUR/USD pair even broke the 1.0580 support zone.
The pair gained pace below the 1.0550 support zone and traded as low as 1.0532 on FXOpen. The pair started an upside correction and traded above the 1.0550 resistance. There was a clear move above the 1.0580 level.
EUR/USD Hourly Chart
Besides, there was a break above a key bearish trend line with resistance near 1.0570 on the hourly chart of EUR/USD. A high was formed near 1.0645 and the pair started a fresh decline. There was a clear move below the 1.0600 support zone, but the pair stayed above the 50 hourly simple moving average.
There was a spike below the 61.8% Fib retracement level of the upward move from the 1.0532 swing low to 1.0645 high. It is now consolidating near the 1.0590 level.
On the upside, an immediate resistance is near the 1.0600 level. The next major resistance is near the 1.0640 level. An upside break above 1.0640 could set the pace for another increase. In the stated case, the pair might visit 1.0700.
Any more gains might send the pair towards 1.0750. If not, it could continue to move down. An initial support on the downside is near the 1.0570 level. The first major support is near the 1.0550 level.
The main support sits near the 1.0535 zone, below which the pair could start a major decline. In the stated case, the pair might dive towards the 1.0450 support zone.
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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