HomeContributorsTechnical AnalysisEUR/USD Pair Is Now Struggling To Recover From The 1.2114 Low

EUR/USD Pair Is Now Struggling To Recover From The 1.2114 Low

The Euro started a fresh decline from the 1.2255 resistance zone against the US Dollar. The EUR/USD pair broke the 1.2200 support zone to move into a short-term bearish zone.

It even broke the 1.2150 support and settled well below the 50 hourly simple moving average. A low is formed near 1.2114 and the pair is now struggling to recover.

On the upside, an initial resistance is near the 1.2135 level. The main resistance is now forming near 1.2160 on FXOpen. There is also a key bearish trend line forming with resistance near 1.2170 on the hourly chart.

Conversely, the pair might continue to move down below the 1.2110 level. An initial support on the downside is near the 1.2100 level. Any more losses might call for a test of the 1.2065 support level.

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

Learn Forex Trading