Mon, Jun 05, 2023 @ 07:37 GMT
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EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline below the 1.1000 support. The Euro declined below the 1.0955 support against the US Dollar.

The pair retested the 1.0900 support and is currently consolidating losses. On the upside, immediate resistance is near the 23.6% Fib retracement level of the recent decline from the 1.1007 swing high to the 1.0901 low at 1.0925.

The next major resistance is near the 50-hour simple moving average at 1.0955. A break above the 1.0955 resistance zone could start a decent increase toward the 1.1000 zone. A close above the 1.1000 level might start a strong increase toward the 1.1050 resistance.

Conversely, the pair might resume its decline from the 1.0900 level. Initial support is near the 1.0880 zone. The next major support is near 1.0850, below which EUR/USD could test the 1.0810 support.

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