EUR/USD Pair is Consolidating Losses Near the Parity Level

Technical analysis of Forex market

The Euro settled below the key parity level against the US Dollar. The EUR/USD pair is consolidating losses and flirting with the parity level.

The pair is currently trading near the 0.9970 level and the 50 hourly simple moving average. An immediate resistance on the upside is near 0.9990 on FXOpen. The first major resistance is near the 1.0000 level.

The next major resistance is near the 1.0030 level. A break above the 1.0030 resistance level could start a decent upward move. In the stated case, it could even surpass 1.0050.

If not, the pair might drop below 0.9960. There is also a connecting bullish trend line at 0.9960 on the hourly chart. The next key support is near 0.9950, below the pair could decline towards the 0.9920 level in the near term. Any more losses might send the pair towards the 0.9880 level.

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