Thu, Mar 23, 2023 @ 17:16 GMT
HomeContributorsTechnical AnalysisEUR/USD Pair is Correcting Losses With Resistance Near 1.0600

EUR/USD Pair is Correcting Losses With Resistance Near 1.0600

The Euro started a fresh decline from the 1.0700 zone against the US Dollar. The EUR/USD pair traded below the 1.0620 level to move into a bearish zone.

The pair even traded below the 1.0600 level and the 50 hourly simple moving average. The bears pushed the pair below 1.0550 and low is formed near 1.0524. It is now correcting losses, with an immediate resistance near the 1.0600 level.

The first major resistance is near the 1.0610 level. A break above the 1.0610 resistance level could start another increase. In the stated case, it could rise towards the 1.0650 resistance.

Conversely, the pair might resume its decline below 1.0575 and a bullish trend line on the hourly chart. The next key support is near 1.0550 on FXOpen, below the pair could drop towards the 1.0525 level. Any more losses might send the pair towards the 1.0500 level in the near term.

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