EUR/USD and USD/CHF At Risk of More Losses
EUR/USD started another decline and traded below 1.0550. USD/CHF is consolidating and facing many hurdles near the 0.9580 zone.
Important Takeaways for EUR/USD and USD/CHF
EUR/USD Technical Analysis
This past week, the Euro gained pace above the 1.0550 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0580 resistance zone to move into a bullish zone.
The pair attempted a clear move above the 1.0600 resistance, but the bears remained active. The recent high was formed near 1.0615 before the pair started a fresh decline. The price declined below the 1.0550 level.
EUR/USD Hourly Chart
There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD. The pair traded as low as 1.0503 on FXOpen and settled below the 50 hourly simple moving average.
It is now consolidating near 23.6% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. An immediate resistance is near the 1.0540 level.
The next major resistance is near the 1.0560 level. It is close to the 50% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. A clear move above the 1.0560 resistance zone could set the pace for a larger increase towards 1.0600. The next major resistance is near the 1.0650 zone.
On the downside, an immediate support is near the 1.0520 level. The next major support is near the 1.0500 level. A downside break below the 1.0500 support could start another decline.
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EUR/USD started another decline and traded below 1.0550. USD/CHF is consolidating and facing many hurdles near the 0.9580 zone.
Important Takeaways for EUR/USD and USD/CHF
- The Euro failed to gain pace for a move above the 1.0600 resistance zone against the US Dollar.
- There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD.
- USD/CHF also started a fresh decline after it failed to clear the 0.9700 resistance zone.
- There is a key bearish trend line forming with resistance near 0.9565 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro gained pace above the 1.0550 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0580 resistance zone to move into a bullish zone.
The pair attempted a clear move above the 1.0600 resistance, but the bears remained active. The recent high was formed near 1.0615 before the pair started a fresh decline. The price declined below the 1.0550 level.
EUR/USD Hourly Chart
There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD. The pair traded as low as 1.0503 on FXOpen and settled below the 50 hourly simple moving average.
It is now consolidating near 23.6% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. An immediate resistance is near the 1.0540 level.
The next major resistance is near the 1.0560 level. It is close to the 50% Fib retracement level of the recent decline from the 1.0615 swing high to 1.0503 low. A clear move above the 1.0560 resistance zone could set the pace for a larger increase towards 1.0600. The next major resistance is near the 1.0650 zone.
On the downside, an immediate support is near the 1.0520 level. The next major support is near the 1.0500 level. A downside break below the 1.0500 support could start another decline.
Read Full on FXOpen Company Blog...