EUR/USD outlook: the pair is currently consolidating losses
(MENAFN- FXOpen) The Euro failed to remain in a positive zone this week and declined from well above 1.1350 against the US Dollar. The EUR/USD pair broke the 1.1320 support area to move into a bearish zone.
The pair even broke the 1.1300 support and the 50 hourly simple moving average. A new weekly swing low was formed at 1.1271 and the pair is currently consolidating losses.
It seems like there is a major breakout pattern forming with resistance near 1.1288 on the hourly chart. If there is an upside break, the pair could recover above the 1.1300 and 1.1320 resistance levels.
Conversely, if there is a downside break, EUR/USD might decline further below the 1.1270 support. The next major support is near the 1.1260 level, below which it could even test the 1.1250 level in the near term.
The pair even broke the 1.1300 support and the 50 hourly simple moving average. A new weekly swing low was formed at 1.1271 and the pair is currently consolidating losses.
It seems like there is a major breakout pattern forming with resistance near 1.1288 on the hourly chart. If there is an upside break, the pair could recover above the 1.1300 and 1.1320 resistance levels.
Conversely, if there is a downside break, EUR/USD might decline further below the 1.1270 support. The next major support is near the 1.1260 level, below which it could even test the 1.1250 level in the near term.
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