Wed, Nov 27, 2024 @ 04:46 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisEUR/USD Pair is Correcting Losses With Resistance Near 1.0600

EUR/USD Pair is Correcting Losses With Resistance Near 1.0600

FXOpen
By FXOpen

The Euro started a fresh decline from the 1.0700 zone against the US Dollar. The EUR/USD pair traded below the 1.0620 level to move into a bearish zone.

The pair even traded below the 1.0600 level and the 50 hourly simple moving average. The bears pushed the pair below 1.0550 and low is formed near 1.0524. It is now correcting losses, with an immediate resistance near the 1.0600 level.

The first major resistance is near the 1.0610 level. A break above the 1.0610 resistance level could start another increase. In the stated case, it could rise towards the 1.0650 resistance.

Conversely, the pair might resume its decline below 1.0575 and a bullish trend line on the hourly chart. The next key support is near 1.0550 on FXOpen, below the pair could drop towards the 1.0525 level. Any more losses might send the pair towards the 1.0500 level in the near term.

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

Load more

Learn Forex Trading

ActionForex.com was set up back in 2004 with the aim to provide insightful analysis to forex traders, serving the trading community for over a decade. Empowering the individual traders was, is, and will always be our motto going forward.

Contact us: contact@actionforex.com

© ActionForex.com © 2024 All rights reserved.