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HomeContributorsTechnical AnalysisEUR/USD Pair Now Rising With Positive Signs Above 1.0500

EUR/USD Pair Now Rising With Positive Signs Above 1.0500

FXOpen
By FXOpen

The Euro started a steady increase above the 1.0450 and 1.0480 resistance levels against the US Dollar. The EUR/USD pair gained pace above the 1.0500 level to move into a positive zone.

It tested the 1.0540 zone before there was a minor downside correction. The pair is now rising, with positive signs above 1.0500 and the 50 hourly simple moving average. It seems to be facing resistance near the 1.0540 on FXOpen.

The first major resistance is near the 1.0550 level. A break above the 1.0550 resistance level could start a fresh increase. In the stated case, it could rise towards the 1.0620 resistance.

Conversely, the pair might start a downside correction below 1.0500. The next key support is near 1.0455, below the pair could drop towards the 1.0420 level. Any more losses might send the pair towards the 1.0350 level in the near term.

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