Re: Technical Analysis by FXOpen
EUR/USD Tumbles While USD/CHF Is Rising Steadily
EUR/USD declined below the key 1.1205 support area to move into a significant downtrend. Conversely, USD/CHF is climbing higher steadily and recently broke the 0.9850 resistance area.
EUR/USD Technical Analysis
The Euro topped above the 1.1270 level and later started a major decline against the US Dollar. The EUR/USD pair broke many important support levels near the 1.1240 and 1.1220 levels to enter a bearish zone.
More importantly, the price broke the key 1.1200 support zone and declined heavily. Moreover, there was a close below the 1.1200 level and the 50 hourly simple moving average. The pair traded as low as 1.1143 on FXOpen and it is currently consolidating losses.