EUR/USD Attempts Recovery
EUR/USD started a recovery wave above the 1.0715 resistance.
Important Takeaways for EUR/USD Analysis Today
· The Euro gained pace after it broke the 1.0705 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.0715 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 recovery wave from the 1.0685 level. The Euro even cleared the 1.0715 barrier to move into a short-term bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0735. Finally, the pair tested the 1.0760 resistance. It is now consolidating gains below the 23.6% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high.
Immediate support on the downside is near the 50-hour simple moving average at 1.0735. The next major support is near a bullish trend line at 1.0715.
The trend line is close to the 76.4% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high. A downside break below the 1.0715 support could send the pair toward the 1.0685 level.
Immediate resistance on the EUR/USD chart is near the 1.0760 zone. The first major resistance is near the 1.0780 level. An upside break above the 1.0780 level might send the pair toward the 1.0850 resistance.
The next major resistance is near the 1.0920 level. Any more gains might open the doors for a move toward the 1.1000 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.
Important Takeaways for EUR/USD Analysis Today
· The Euro gained pace after it broke the 1.0705 resistance against the US Dollar.
· There is a major bullish trend line forming with support near 1.0715 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 recovery wave from the 1.0685 level. The Euro even cleared the 1.0715 barrier to move into a short-term bullish zone against the US Dollar.
The bulls pushed the pair above the 50-hour simple moving average and 1.0735. Finally, the pair tested the 1.0760 resistance. It is now consolidating gains below the 23.6% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high.
Immediate support on the downside is near the 50-hour simple moving average at 1.0735. The next major support is near a bullish trend line at 1.0715.
The trend line is close to the 76.4% Fib retracement level of the upward wave from the 1.0705 swing low to the 1.0764 high. A downside break below the 1.0715 support could send the pair toward the 1.0685 level.
Immediate resistance on the EUR/USD chart is near the 1.0760 zone. The first major resistance is near the 1.0780 level. An upside break above the 1.0780 level might send the pair toward the 1.0850 resistance.
The next major resistance is near the 1.0920 level. Any more gains might open the doors for a move toward the 1.1000 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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