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HomeContributorsTechnical AnalysisEUR/USD Pair Is Currently Consolidating Losses From The 1.1761 Low

EUR/USD Pair Is Currently Consolidating Losses From The 1.1761 Low

FXOpen
By FXOpen

The Euro started a fresh decline from well above the 1.1900 level against the US Dollar. The EUR/USD pair broke the 1.1850 support zone to move into a bearish zone.

It even broke the 1.1800 support and settled below the 50 hourly simple moving average. A low is formed near 1.1761 and the pair is currently consolidating losses. An initial resistance is near the 1.1795 level.

There is also a connecting bearish trend line forming with resistance near 1.1800 on the hourly chart. If there is an upside break above the trend line and a follow up move above the 50 hourly simple moving average, the pair could rise steadily towards 1.1850 on FXOpen.

On the downside, the 1.1760 and 1.1750 levels are decent support zones. A break below 1.1750 might call for a drop towards the 1.1710 and 1.1700 levels in the near term.

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