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HomeContributorsTechnical AnalysisEUR/USD Pair Is Now Correcting Lower From The 1.1989 High

EUR/USD Pair Is Now Correcting Lower From The 1.1989 High

FXOpen
By FXOpen

The Euro started an upside correction from the 1.1820 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1900 resistance to move into a short-term bullish zone.

It even broke the 1.1935 resistance and settled above the 50 hourly simple moving average. A high is formed near 1.1989 and the pair is now correcting lower. An initial support is near the 1.1960 level.

There is also a connecting bullish trend line forming with support near 1.1960 on the hourly chart. If there is a downside break, the pair could decline towards the 1.1935 support or the 50 hourly simple moving average.

On the upside, there is a major resistance near 1.1990 and 1.2000 on FXOpen, above which EUR/USD could start a strong increase. The next major resistance above 1.2000 might be near the 1.2050 level.

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