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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.

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