Mon, Nov 18, 2024 @ 21:19 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisEUR/USD Pair is Now Consolidating Losses Near $1.0000

EUR/USD Pair is Now Consolidating Losses Near $1.0000

FXOpen
By FXOpen

The Euro started a fresh decline from well above the 1.0150 level against the US Dollar. The EUR/USD pair declined below the 1.0100 and 1.0080 support levels.

There was close below the 1.0050 level and the 50 hourly simple moving average. The pair is now consolidating losses near the 1.0000 level. An immediate resistance on the upside is near 1.0010 and a connecting bearish trend line on the hourly chart. The first major resistance is near the 1.0020 level.

A break above the 1.0020 resistance level could start a decent upward move. In the stated case, it could even surpass 1.0050 on FXOpen.

Conversely, the pair might start another decline below 0.9980. The next key support is near 0.9955, below the pair could decline towards the 0.9920 level. Any more losses might send the pair towards the 0.9900 level.

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.