EUR/USD is struggling above the 0.9920 resistance area. USD/CHF consolidating gains above 0.9950 support zone.
Consider these important points for EUR/USD or USD/CHF
· The Euro started a fresh decline and traded below the 0.9950 zone against the US Dollar.
· There is a major bearish trend line forming with resistance near 0.9905 on the hourly chart of EUR/USD.
· USD/CHF started a fresh increase after it was able to clear the 0.9920 resistance.
· There is a key bullish trend line forming with support near 0.9950 on the hourly chart.
Technical Analysis EUR/USD
The Euro suffered a significant decline this week below the 0.9980 support level against the US Dollar. To move into a bearish zone, the EUR/USD pair fell below the 0.9920 support level.
The pair tested the support zone of 0.9850. The pair is consolidating its losses from the FXOpen 0.9852 low and is currently forming a base at the 0.9850 level. A minor recovery wave occurred above the 0.9880 mark.
The pair has climbed above 23.6% Fib level of the downward movement from 0.9954 swing high, to 0.9852 lowest. A resistance level is located near the 0.9900 and 50 hourly simple moving average.
A major bearish trend is also evident