EUR/USD Weekly Chart Outlook
EUR/USD started a decent recovery above the 1.0500 resistance.
Important Takeaways for EUR/USD Analysis
· The Euro broke a few hurdles near 1.0500 and 1.0820 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.0500 on the weekly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the weekly chart of EUR/USD at FXOpen, the pair started a decent recovery wave after it settled above the 1.0000 level. The Euro was able to gain pace above 1.0200 against the US Dollar.
During the increase, it traded above a key bearish trend line with resistance near 1.0500 and the 50-week simple moving average. Recently, there was a move above the 50% Fib retracement level of the last major decline from the 1.2266 swing high to the 0.9535 low.
On the upside, the first major resistance is forming near the 61.8% Fib retracement level of the last major decline from the 1.2266 swing high to the 0.9535 low at 1.1220.
The next major resistance on the EUR/USD chart is near the 1.1620 level, above which the pair might revisit the 1.2260 resistance zone if the weekly RSI stays above 50.
Conversely, if EUR/USD fails to climb higher above the 1.1220 resistance, it could correct gains. Immediate support is near the 1.0820 level. The first major support is near the 1.0500 level, below which the pair could decline toward 1.0000.
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.
Important Takeaways for EUR/USD Analysis
· The Euro broke a few hurdles near 1.0500 and 1.0820 against the US Dollar.
· There was a break above a key bearish trend line with resistance near 1.0500 on the weekly chart of EUR/USD at FXOpen.
EUR/USD Technical Analysis
On the weekly chart of EUR/USD at FXOpen, the pair started a decent recovery wave after it settled above the 1.0000 level. The Euro was able to gain pace above 1.0200 against the US Dollar.
During the increase, it traded above a key bearish trend line with resistance near 1.0500 and the 50-week simple moving average. Recently, there was a move above the 50% Fib retracement level of the last major decline from the 1.2266 swing high to the 0.9535 low.
On the upside, the first major resistance is forming near the 61.8% Fib retracement level of the last major decline from the 1.2266 swing high to the 0.9535 low at 1.1220.
The next major resistance on the EUR/USD chart is near the 1.1620 level, above which the pair might revisit the 1.2260 resistance zone if the weekly RSI stays above 50.
Conversely, if EUR/USD fails to climb higher above the 1.1220 resistance, it could correct gains. Immediate support is near the 1.0820 level. The first major support is near the 1.0500 level, below which the pair could decline toward 1.0000.
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.
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