Fri, May 17, 2024 @ 15:22 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisEUR/USD Pair Moved into a Short-Term Bearish Zone Below 1.0875

EUR/USD Pair Moved into a Short-Term Bearish Zone Below 1.0875

FXOpen
By FXOpen

The Euro started a fresh decline after a major rally towards the 1.0920 against the US Dollar. The EUR/USD pair traded below the 1.0875 level to move into a short-term bearish zone.

There was a clear move below the 1.0850 support zone and the pair even settled below the 50 hourly simple moving average. It is now consolidating losses, with an immediate resistance near the 1.0840 level.

The next major resistance is near 1.0860 on FXOpen. A break above the 1.0860 resistance level could start another increase. In the stated case, it could rise towards the 1.0900 resistance.

Conversely, the pair might resume its decline below 1.0800. The next key support is near 1.0775, below the pair could drop towards the 1.0740 level. Any more losses might send the pair towards the 1.0710 level in the near term.

FXOpen
FXOpenhttps://www.fxopen.com/
FXOpen is a global Forex and CFD Broker, founded in 2005 by a group of traders. With over 16 years of experience, the company has gained an excellent reputation a major brokerage that continues to expand rapidly. The broker offers a choice of platforms, including the popular MT4 and MT5 platforms, with a wide range of trading instruments with spreads from 0.0 pips: 600+ FX, index, share, commodity and cryptocurrency CFDs. FXOpen also provides its own PAMM technology, allowing clients to benefit from the strategies of experienced traders with a proven track record of successful trading and guarantees automatic distribution of profit and loss between the strategy provider and the strategy followers. CFDs are complex instruments and come with a high risk of losing your money. PAMM is only available in certain jurisdictions. Cryptocurrency CFDs are not available to Retail clients at FXOpen UK.

Featured Analysis

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.