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HomeContributorsTechnical AnalysisEUR/USD Pair Broke The 1.2000 Support And Moved Into A Bearish Zone

EUR/USD Pair Broke The 1.2000 Support And Moved Into A Bearish Zone

FXOpen
By FXOpen

The Euro failed to stay above the 1.2050 and 1.2020 support levels against the US Dollar. The EUR/USD pair even broke the 1.2000 support to move into a bearish zone.

It traded close to the 1.1950 support zone and settled well below the 50 hourly simple moving average. A low is formed near 1.1951 and the pair is currently consolidating losses. An initial resistance is near the 1.1990 level.

The first major resistance is near the 1.2000 level. It is close to the 50% Fib retracement level of the downward move from the 1.2053 high to 1.1951 low. There is also a connecting bearish trend line at 1.2020 on the hourly chart.

If there is no recovery above 1.2000 and 1.2020 on FXOpen, EUR/USD is likely to resume its decline below the 1.1950 support. The next key support is near 1.1920.

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