HomeContributorsTechnical AnalysisEUR/USD Technical Analysis

EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair failed to clear the 1.1070 resistance and reacted to the downside. The Euro declined below the 1.1035 support against the US Dollar.

The pair tested the 1.1000 support and is currently showing a few bearish signs. On the upside, immediate resistance is near a connecting bearish trend line at 1.1035 and the 50-hour simple moving average.

The next major resistance is near the 1.1070 level. A break above the 1.1070 resistance zone could start a decent increase. In the stated case, it could rise toward the 1.1120 resistance.

Conversely, the pair might resume its decline from the 1.1035 level. Initial support is near the 1.1000 zone. The next major support is near 1.0965. Any more losses might resend the pair toward the 1.0945 support in the near term.

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

Learn Forex Trading