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HomeContributorsTechnical AnalysisEUR/USD Pair Is Now Attempting A Recovery From The 1.1802 Low

EUR/USD Pair Is Now Attempting A Recovery From The 1.1802 Low

FXOpen
By FXOpen

The Euro started a fresh decline from well above 1.1880 against the US Dollar. The EUR/USD pair traded below the 1.1860 and 1.1850 support levels.

The pair even declined below the 1.1820 zone and settled below the 50 hourly simple moving average. A low is formed near 1.1802 and the pair is now attempting a recovery. It is now trading near a major bearish trend line with resistance 1.1835 on the hourly chart.

A clear break above the 1.1835 and 1.1840 resistance levels could lead the pair towards the 1.1900 zone. The next major resistance sits near 1.1950 on FXOpen.

On the downside, an initial support is near the 1.1810 level. The key support is near 1.1800, below which there is a risk of a larger decline. The next major support is near the 1.1765 level.

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