EUR/USD technical analysis: The Euro eyeing upside break

FXOpen Broker Team FXOpen

The Euro declined below the 1.1300 support level this past week against the US Dollar. The EUR/USD pair even broke the 1.1280 support zone before buyers appeared near the 1.1265 level.

The pair traded as low as 1.1269 on FXOpen and later started a decent upside correction. It climbed above the 1.1300 resistance area and settled above the 50 hourly simple moving average. Besides, there was a break above the 61.8% Fib retracement level of the last decline from the 1.1392 high to 1.1269 low.

Moreover, there was a break above a key bearish trend line with resistance at 1.1352 on the hourly chart. The pair is now trading just below the last swing high of 1.1392. Therefore, there are chances of more gains above 1.1390 and 1.1400 in the near term.

Above 1.1400, the pair could test the 1.236 Fib extension level of the last decline from the 1.1392 high to 1.1269 low at 1.1421.

On the downside, there is a connecting bullish trend line formed with support at 1.1370, below which there is a solid support near the 1.1355 level (the previous resistance). Overall, the pair remains in an uptrend and it could accelerate above 1.1400 in the near term.

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FXOpen Broker Team

FXOpen

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