HomeContributorsTechnical AnalysisEUR/USD Pair Started A Decent Recovery Wave From 1.1780

EUR/USD Pair Started A Decent Recovery Wave From 1.1780

The Euro found support near the 1.1775 zone after a steady decline against the US Dollar. The EUR/USD pair formed a base above 1.1780 and it started a decent recovery wave.

It surpassed the 1.1800 resistance level, but it struggling to settle above the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 1.1800 on the hourly chart.

If there is a downside break, the pair could resume its decline. An initial support is near the 1.1780 level, below which the pair could dive towards the 1.1750 level.

On the upside, an initial resistance is near the 1.1825 level. The first key resistance is near 1.1850 on FXOpen, above which the bulls are likely to aim a test of the 1.1880 resistance zone 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

Learn Forex Trading