Thu, Dec 01, 2022 @ 21:29 GMT
HomeContributorsTechnical AnalysisEUR/USD Pair is Now Consolidating Losses Near 0.9770

EUR/USD Pair is Now Consolidating Losses Near 0.9770

The Euro struggled to clear the 0.9950 and 0.9960 resistance levels against the US Dollar. The EUR/USD pair reacted to the downside and declined below the 0.9850 support.

There was close below the 0.9800 level and the 50 hourly simple moving average. The pair is now consolidating losses near the 0.9770 zone. An immediate resistance on the upside is near 0.9790 and the 50 hourly simple moving average. The first major resistance is near the 0.9820 level.

A break above the 0.9820 resistance level could start a decent upward move. In the stated case, it could even surpass 0.9850.

Conversely, the pair might start another decline below 0.9750. The next key support is near 0.9720, below the pair could decline towards the 0.9680 level. Any more losses might send the pair towards the 0.9640 level.

FXOpen is a Forex and Cryptocurrency Broker, founded in 2005 by a group of traders. With over a decade of experience, the company has gained an excellent reputation a major Forex brokerage company that continues to expand rapidly. The broker offers MT4 and MT5 Forex trading with a wide range of trading instruments: 100+ FX, CFDs, Indices and Cryptocurrency pairs. FXOpen also provides its own PAMM technology allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers.

Featured Analysis

Learn Forex Trading