EUR/USD analysis: The Euro remains in the same range after ECB press conference

FXOpen Broker Team FXOpen

The Euro struggled this week and declined below the 1.1400 and 1.1380 support levels against the US Dollar. The EUR/USD pair traded towards the 1.13000 level and later formed a support near 1.1310.

The pair recently corrected higher above the 1.1350 level and the 50 hourly simple moving average. However, the upside move was capped by the 1.1380-90 resistance area, which was a support earlier.

The pair is currently trading above the 1.1350 level, the 50 hourly SMA, and the 50% Fib retracement level of the last decline from the 1.1392 high to 1.1331 low.

Moreover, there is a major bullish trend line in place with support at 1.1340 on the hourly chart of EUR/USD. Therefore, if the pair dips from the current levels, it could find support near 1.1350 or 1.1340. On the upside, the main resistance is near the 1.1380-90 area.

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FXOpen Broker Team

FXOpen

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