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HomeContributorsTechnical AnalysisEUR/USD Pair Moved into a Bearish Zone Below $1.0050

EUR/USD Pair Moved into a Bearish Zone Below $1.0050

FXOpen
By FXOpen

The Euro started a fresh decline below the 1.0100 support zone against the US Dollar. The EUR/USD pair even traded below the 1.0050 level to move into a bearish zone.

Moreover, there was a spike below the key parity level. A low is formed near 0.9953 and the pair is now correcting losses. It recently cleared a connecting bearish trend line with resistance near 1.0030 on the hourly chart.

On the upside, the first major resistance is near the 1.0050 level. A break above the 1.0050 and 1.0070 resistance levels could start a decent recovery wave. In the stated case, it could even surpass 1.0100 on FXOpen.

An immediate support is near the 1.0000 level. The next key support is near 0.9980, below the pair could decline towards the 0.9950 level in the near term. Any more losses might send the pair towards the 0.9920 level.

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