Sat, Jun 10, 2023 @ 18:49 GMT
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EUR/USD Technical Analysis

On the hourly chart at FXOpen, the Euro started a fresh increase from the 1.0885 support zone against the US Dollar. The EUR/USD pair climbed above the 1.0915 resistance to move into a short-term positive zone.

However, it struggled to stay above the 1.0920 pivot level and the 50-hour simple moving average. It is now moving lower and trading below the 1.0920 level. On the upside, immediate resistance is near the 50-hour simple moving average.

The next major resistance is near a trendline at 1.0935. A break above the trendline could trigger another increase. In the stated case, the pair could rise toward 1.0980.

Conversely, it may continue to move down below 1.0900. The next key support is near 1.0880. If it’s broken, the price may drop toward the 1.0850 level. Any more losses may send the pair toward the 1.0820 level in the near term.


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