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HomeContributorsTechnical AnalysisEUR/USD Pair Moved into a Bearish Zone Below 1.0700

EUR/USD Pair Moved into a Bearish Zone Below 1.0700

FXOpen
By FXOpen

The Euro started a fresh decline from the 1.0780 zone against the US Dollar. The EUR/USD pair traded below the 1.0700 level to move into a bearish zone.

The pair even traded below the 1.0680 level and the 50 hourly simple moving average. The bears pushed the pair below 1.0650 and low is formed near 1.0648. It is now consolidating, with an immediate resistance near 1.0665 on FXOpen.

The first major resistance is near the 1.0680 level and a key bearish trend line on the hourly chart. A break above the 1.0680 resistance level could start another increase. In the stated case, it could rise towards the 1.0720 resistance.

Conversely, the pair might continue to move down below 1.0650. The next key support is near 1.0615, below the pair could drop towards the 1.0600 level. Any more losses might send the pair towards the 1.0565 level in the near term.

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