Tue, Apr 30, 2024 @ 10:19 GMT
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HomeContributorsTechnical AnalysisEUR/USD Started a Fresh Decline

EUR/USD Started a Fresh Decline

FXOpen
By FXOpen

The Euro started a fresh decline from the 1.0630 resistance zone against the US Dollar. The EUR/USD pair declined below the 1.0600 level to move into a bearish zone.

The pair even dived below the 1.0570 level and the 50 hourly simple moving average. It traded as low as 1.0515 on FXOpen and is currently consolidating losses. An immediate resistance is near the 1.0540 level.

The first major resistance is near the 1.0570 level. A break above the 1.0570 resistance level could start another increase. In the stated case, it could rise towards the 1.0630 resistance.

Conversely, the pair might start another decline below 1.0515. The next key support is near 1.0500, below the pair could drop towards the 1.0460 level. Any more losses might send the pair towards the 1.0420 level in the near term.

FXOpen
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