EUR/USD Corrects Gains
EUR/USD started a downside correction from the 1.1070 resistance.
Important Takeaways for EUR/USD
· The Euro started a fresh decline from the 1.1070 resistance against the US Dollar.
· There is a key bullish trend line forming with support near 1.0970 on the hourly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the hourly chart of EUR/USD at FXOpen, the pair faced rejection near the 1.1070 level. The Euro started a downside correction from the 1.1072 resistance against the US Dollar.
There was a move below the 50-hour simple moving average at 1.1015. The pair dipped below the 1.1000 support before the bulls appeared near 1.0970 when the RSI reached oversold conditions. There is also a key bullish trend line forming with support near 1.0970.
The pair is now consolidating and facing resistance near the 1.1000 level. The first major resistance is near the 50-hour simple moving average at 1.1015. It coincides with the 50% Fib retracement level of the downward move from the 1.1067 swing high to the 1.0964 low.
An upside break above the 1.1015 level might send the pair toward the 76.4% Fib retracement level of the downward move from the 1.1067 swing high to the 1.0964 low.
The next major resistance is near the 1.1070 level. Any more gains might open the doors for a move toward the 1.1120 level. If there is no move above 1.1015, the pair might start a fresh decline. On the downside, immediate support is near the trend line at 1.0970.
The next major support is near the 1.0945 level. A downside break below the 1.0945 support could start a steady decline toward the 1.0910 level.
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