Sat, Nov 16, 2024 @ 11:18 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisEUR/USD Outlook: The Pair Broke the Key 1.1750 Support Zone to Move...

EUR/USD Outlook: The Pair Broke the Key 1.1750 Support Zone to Move into a Bearish Zone

FXOpen
By FXOpen

The Euro failed to clear the 1.1800 resistance and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.1750 support zone to move into a bearish zone.

It even broke the 1.1700 support level and settled below the 50 hourly simple moving average. A low is formed near 1.1665 and the pair is now consolidating losses. An initial support on the downside is near the 1.1665 level.

The first major support is near the 1.1650 level. Any more losses could lead the pair towards the 1.1600 support zone in the coming sessions.

On the upside, an initial resistance is near the 1.1680 level on FXOpen. There is also a key bearish trend line with resistance near 1.1680 on the hourly chart. A clear break above the trend line could start a decent recovery towards the 1.1720 level or even 1.1750.

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.