EUR/USD started another decline and traded below 1.0550. USD/CHF is consolidating and facing many hurdles near the 0.9580 zone.
Important Takeaways for EUR/USD and USD/CHF
· The Euro failed to gain pace for a move above the 1.0600 resistance zone against the US Dollar.
· There was a break below a major bullish trend line with support near 1.0550 on the hourly chart of EUR/USD.
· USD/CHF also started a fresh decline after it failed to clear the 0.9700 resistance zone.
· There is a key bearish trend line forming with resistance near 0.9565 on the hourly chart.
EUR/USD Technical Analysis
This past week, the Euro gained pace above the 1.0550 resistance zone against the US Dollar. The EUR/USD pair climbed above the 1.0580 resistance zone to move into a bullish zone.
The pair attempted a clear move above the 1.0600 resistance, but the bears remained active. The recent high was formed near 1.0615 before the pair started a fresh decline. The price declined below the 1.0550 level...More info: blog FXOpen
