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HomeContributorsTechnical AnalysisEUR/USD Pair is Now Correcting Higher from the 1.1131 Low

EUR/USD Pair is Now Correcting Higher from the 1.1131 Low

FXOpen
By FXOpen

The Euro started a fresh decline from well above the 1.1320 zone against the US Dollar. The EUR/USD pair traded below the 1.1250 support zone to move into a bearish zone.

There was also a move below the 1.1200 level the 50 hourly simple moving average. A low was formed near 1.1131 and the pair is now correcting higher. An immediate resistance near the 1.1155 level.

The next major resistance is near the 1.1180 level. A break above the 1.1180 and 1.1185 resistance levels could start a decent increase towards the 1.1220 level in the near term.

On the downside, an initial support is near 1.1140 on FXOpen. The next key support is near 1.1120, below the pair could decline heavily. In the stated case, the pair could move down towards the 1.1050 level in the near term.

FXOpen
FXOpenhttps://www.fxopen.com/
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