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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.

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