Mon, Nov 18, 2024 @ 05:23 GMT
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HomeContributorsTechnical AnalysisEUR/USD Pair Tested The 1.2020 Support Zone And Is Currently Correcting Higher

EUR/USD Pair Tested The 1.2020 Support Zone And Is Currently Correcting Higher

FXOpen
By FXOpen

The Euro extended its decline below the 1.2080 and 1.2055 support levels against the US Dollar. The EUR/USD pair tested the 1.2020 support zone and it is currently correcting higher.

There was a break above the 1.2050 resistance level and the 50 hourly simple moving average. The pair even cleared the 1.2080 resistance, but it struggled to clear the 50% Fib retracement level of the downward move from the 1.2169 high to 1.2023 low.

The pair is now trading inside an ascending channel with support at 1.2078 on the hourly chart. The next major support is near the 1.2065 level and the 50 hourly SMA. Any more losses might call for a fresh drop to 1.2020 on FXOpen.

On the upside, the pair is facing a strong resistance near 1.2100. A clear break above 1.2100 could open the doors for a steady rise towards the 1.2165 and 1.2180 levels.

FXOpen
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