Thu, Nov 14, 2024 @ 19:17 GMT
Facebook Mail RSS Twitter
HomeContributorsTechnical AnalysisEUR/USD Pair Tested the 1.0585 Level Before the Bears Appeared

EUR/USD Pair Tested the 1.0585 Level Before the Bears Appeared

FXOpen
By FXOpen

The Euro started a fresh increase above the 1.0500 and 1.0520 resistance levels against the US Dollar. The EUR/USD pair gained pace above the 1.0550 level to move further into a positive zone.

It tested the 1.0585 zone before the bears appeared. The pair is now rising and showing positive signs above the 1.0550 level plus the 50 hourly simple moving average. An immediate resistance is near the 1.0585 level.

The first major resistance is near the 1.0620 level. A break above the 1.0620 resistance level could start another increase. In the stated case, it could rise towards the 1.0680 resistance.

Conversely, the pair might start a downside correction below 1.0565 on FXOpen. The next key support is near 1.0545 and a trend line on the hourly chart, below the pair could drop towards the 1.0520 level. Any more losses might send the pair towards the 1.0485 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.