Market Analysis: EUR/USD Sees Green
EUR/USD is slowly gaining traction above the 1.0800 level.
Important Takeaways for EUR/USD Analysis Today
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair started a fresh increase from the 1.0725 zone. The Euro cleared a few key hurdles near 1.0750 to move into a positive zone against the US Dollar.
The pair settled above the 1.0800 level and the 50-hour simple moving average. A high was formed at 1.0830 and the pair is now consolidating gains. Immediate support is near the 23.6% Fib retracement level of the upward move from the 1.0775 swing low to the 1.0827 high at 1.0815.
The first major support on the EUR/USD chart is near 1.0800. There is also key bullish trend line forming with support near 1.0800 and the 50% Fib retracement level of the upward move from the 1.0775 swing low to the 1.0827 high.
The next key support is at 1.0790. If there is a downside break below 1.0790, the pair could drop toward 1.0750. The next support is near 1.0725, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near the 1.0830 zone. The next major resistance is near 1.0850. An upside break above 1.0850 could set the pace for another increase. In the stated case, the pair might rise toward 1.0920.
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 is slowly gaining traction above the 1.0800 level.
Important Takeaways for EUR/USD Analysis Today
- The Euro started a decent increase above the 1.0750 pivot level.
- There is a key bullish trend line forming with support near 1.0800 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 1.0725 zone. The Euro cleared a few key hurdles near 1.0750 to move into a positive zone against the US Dollar.
The pair settled above the 1.0800 level and the 50-hour simple moving average. A high was formed at 1.0830 and the pair is now consolidating gains. Immediate support is near the 23.6% Fib retracement level of the upward move from the 1.0775 swing low to the 1.0827 high at 1.0815.
The first major support on the EUR/USD chart is near 1.0800. There is also key bullish trend line forming with support near 1.0800 and the 50% Fib retracement level of the upward move from the 1.0775 swing low to the 1.0827 high.
The next key support is at 1.0790. If there is a downside break below 1.0790, the pair could drop toward 1.0750. The next support is near 1.0725, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near the 1.0830 zone. The next major resistance is near 1.0850. An upside break above 1.0850 could set the pace for another increase. In the stated case, the pair might rise toward 1.0920.
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.