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HomeContributorsTechnical AnalysisEUR/USD Pair Moved into a Short-Term Bearish Zone Below 1.0620

EUR/USD Pair Moved into a Short-Term Bearish Zone Below 1.0620

FXOpen
By FXOpen

The Euro started a fresh decline from the 1.0660 and 1.0650 resistance levels against the US Dollar. The EUR/USD pair declined below the 1.0620 support zone to move into a short-term bearish zone.

The pair tested the 1.0575 level and settled below the 50 hourly simple moving average. It is now recovering and trading above the 1.0600 level. An immediate resistance is near the 1.0615 level and the 50 hourly simple moving average.

The first major resistance is near the 1.0620 level. A break above the 1.0620 resistance level could start another increase. In the stated case, it could rise towards the 1.0660 resistance.

Conversely, the pair might start another decline below 1.0600 on FXOpen. The next key support is near 1.0575, below the pair could drop towards the 1.0540 level. Any more losses might send the pair towards the 1.0505 level.

FXOpen
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