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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 342707, member: 104606"] [B][SIZE=5]Market Analysis: EUR/USD Starts Recovery, USD/CHF Could Extend Gains[/SIZE][/B] [img]https://i.imgur.com/w2TC4P7.jpeg[/img] [I]EUR/USD is attempting a recovery wave from the 1.0725 zone. USD/CHF climbed higher above 0.9070 and might extend gains in the near term.[/I] [B]Important Takeaways for EUR/USD and USD/CHF Analysis Today[/B] [LIST] [*] The Euro declined toward 1.0725 before it started a recovery wave against the US Dollar. [*] There was a break above a key bearish trend line with resistance at 1.0765 on the hourly chart of EUR/USD at FXOpen. [*] USD/CHF climbed higher above the 0.9035 and 0.9070 resistance levels. [*] There was a break above a major bearish trend line with resistance at 0.9035 on the hourly chart at FXOpen. [/LIST] [B][SIZE=5]EUR/USD Technical Analysis[/SIZE][/B] [img]https://i.imgur.com/3hoCvTV.png[/img] On the hourly chart of EUR/USD at FXOpen, the pair extended the decline below the 1.0785 support zone. The Euro even declined below 1.0750 before the bulls appeared against the US Dollar, as mentioned in the previous analysis. The pair traded as low as 1.0724 and recently started a recovery wave. There was a move above the 1.0745 resistance zone. Besides, there was a break above a key bearish trend line with resistance at 1.0765. The bulls pushed the pair above the 50-hour simple moving average and the 50% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low. Immediate resistance on the EUR/USD chart is near the 1.0785 zone. It is close to the 76.4% Fib retracement level of the downward move from the 1.0805 swing high to the 1.0724 low. The first major resistance is near the 1.0805 level. An upside break above the 1.0805 level might send the pair toward the 1.0825 resistance. The next major resistance is near the 1.0850 level. Any more gains might open the doors for a move toward the 1.0920 level. Immediate support on the downside sits at 1.0765. The next major support is the 1.0745 zone. A downside break below the 1.0745 support could send the pair toward the 1.0725 level. Any more losses might send the pair to 1.0650. [B][URL="https://fxopen.com/blog/en/aj-market-analysis-eur-usd-starts-recovery-usd-chf-could-extend-gains/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). 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. [/I] [/QUOTE]
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