EUR/USD Pair is Now Consolidating Losses Near $1.0000

Technical analysis of Forex market

The Euro started a fresh decline from well above the 1.0150 level against the US Dollar. The EUR/USD pair declined below the 1.0100 and 1.0080 support levels.

There was close below the 1.0050 level and the 50 hourly simple moving average. The pair is now consolidating losses near the 1.0000 level. An immediate resistance on the upside is near 1.0010 and a connecting bearish trend line on the hourly chart. The first major resistance is near the 1.0020 level.

A break above the 1.0020 resistance level could start a decent upward move. In the stated case, it could even surpass 1.0050 on FXOpen.

Conversely, the pair might start another decline below 0.9980. The next key support is near 0.9955, below the pair could decline towards the 0.9920 level. Any more losses might send the pair towards the 0.9900 level.

Signal2frex reviews