On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline from the 1.1050 zone. The Euro declined below the 1.1020 and 1.1000 support levels against the US Dollar.
The pair settled below the 50-hour simple moving average and tested 1.0965. It is now consolidating losses and showing bearish signs. Immediate resistance is near 1.0965 and a connecting bearish trend line. A clear move above 1.0965 might send the pair toward 1.1020.
The next major resistance is near 1.1050. Any more gains might send the pair toward 1.1080 or even 1.1120 in the near term.
Conversely, the pair might continue to move down below 1.0910. The next major support is near 1.0880, below which EUR/USD could test the 1.0840 support. Any more losses could send the pair toward 1.0800.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
