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HomeContributorsTechnical AnalysisEUR/USD Pair Consolidating With Resistance Near 1.0615

EUR/USD Pair Consolidating With Resistance Near 1.0615

FXOpen
By FXOpen

The Euro started a fresh decline from the 1.0685 zone against the US Dollar. The EUR/USD pair traded below the 1.0655 level to move into a bearish zone.

The pair even traded below the 1.0625 level and the 50 hourly simple moving average. The bears pushed the pair below 1.0600 and low is formed near 1.0576. It is now consolidating, with an immediate resistance near the 1.0615 level.

The first major resistance is near the 1.0630 level and the 50 hourly SMA. A break above the 1.0630 resistance level could start another increase. In the stated case, it could rise towards the 1.0655 resistance.

Conversely, the pair might continue to move down below 1.0575 on FXOpen. The next key support is near 1.0550, below the pair could drop towards the 1.0515 level. Any more losses might send the pair towards the 1.0485 level in the near term.

FXOpen
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