Market Analysis: EUR/USD Extends Rally
EUR/USD gained bullish momentum above the 1.0985 resistance.
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 above the 1.0930 zone. The Euro climbed above the 1.0985 resistance zone against the US Dollar.
The pair even settled above the 1.1020 resistance and the 50-hour simple moving average. Finally, it tested the 1.1040 resistance. A high is formed near 1.1044 and the pair is now consolidating gains.
If there is a downside correction, the pair might test the 23.6% Fib retracement level of the upward move from the 1.0929 swing low to the 1.1044 high at 1.1020. There is also a key bullish trend line forming with support near 1.1020 and the 50-hour simple moving average.
The next major support is near the 50% Fib retracement level of the upward move from the 1.0929 swing low to the 1.1044 high at 1.0985.
If there is a downside break below 1.0985, the pair could drop toward the 1.0930 support. The main support on the EUR/USD chart is near 1.0910, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near 1.1040. The next major resistance is near the 1.1065 level. An upside break above 1.1065 could set the pace for another increase. In the stated case, the pair might rise toward 1.1120.
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 remained in a bullish zone and climbed above the 1.0985 resistance zone.
- There is a key bullish trend line forming with support near 1.1020 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 above the 1.0930 zone. The Euro climbed above the 1.0985 resistance zone against the US Dollar.
The pair even settled above the 1.1020 resistance and the 50-hour simple moving average. Finally, it tested the 1.1040 resistance. A high is formed near 1.1044 and the pair is now consolidating gains.
If there is a downside correction, the pair might test the 23.6% Fib retracement level of the upward move from the 1.0929 swing low to the 1.1044 high at 1.1020. There is also a key bullish trend line forming with support near 1.1020 and the 50-hour simple moving average.
The next major support is near the 50% Fib retracement level of the upward move from the 1.0929 swing low to the 1.1044 high at 1.0985.
If there is a downside break below 1.0985, the pair could drop toward the 1.0930 support. The main support on the EUR/USD chart is near 1.0910, below which the pair could start a major decline.
On the upside, the pair is now facing resistance near 1.1040. The next major resistance is near the 1.1065 level. An upside break above 1.1065 could set the pace for another increase. In the stated case, the pair might rise toward 1.1120.
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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