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HomeContributorsTechnical AnalysisEUR/USD Technical Analysis 1st July 2022

EUR/USD Technical Analysis 1st July 2022

FXOpen
By FXOpen

The Euro started a fresh decline below the 1.0500 support zone against the US Dollar. The EUR/USD pair even traded below the 1.0420 level before the bulls appeared near the 1.0380 level.

A low is formed near 1.0382 and the pair is now rising. There was a move above the 1.0450 resistance and a connecting bearish trend line on the hourly chart. The pair is now testing the 1.0475 level and the 50 hourly simple moving average.

On the upside, the next major resistance is near the 1.0485 level on FXOpen. A break above the 1.0475 and 1.0485 resistance levels could start another increase. In the stated case, it could even surpass 1.0540.

An immediate support is near the 1.0435 level. The next key support is near 1.0420, below the pair could decline towards the 1.0380 level in the near term. Any more losses might send the pair towards the 1.0320 level.

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