Tue, May 21, 2024 @ 15:49 GMT
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HomeContributorsTechnical AnalysisEUR/USD Pair Started a Fresh Increase Above 1.0650

EUR/USD Pair Started a Fresh Increase Above 1.0650

FXOpen
By FXOpen

The Euro started a fresh increase above the 1.0650 and 1.0665 resistance levels against the US Dollar. The EUR/USD pair gained pace above the 1.0680 level to move further into a positive zone.

It tested the 1.0735 zone before the bears appeared. The pair corrected lower and tested the 1.0600 support zone. It is now rising and above the 1.0620 level and the 50 hourly simple moving average. An immediate resistance is near the 1.0665 level.

The first major resistance is near the 1.0680 level. A break above the 1.0680 resistance level could start another increase. In the stated case, it could rise towards the 1.0740 resistance.

Conversely, the pair might start another decline below 1.0620. The next key support is near 1.0610 and a trend line on the hourly chart, below the pair could drop towards 1.0565 on FXOpen. Any more losses might send the pair towards the 1.0540 level.

FXOpen
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