The Euro started an upside correction from the 1.1820 support zone against the US Dollar. The EUR/USD pair climbed above the 1.1900 resistance to move into a short-term bullish zone.
It even broke the 1.1935 resistance and settled above the 50 hourly simple moving average. A high is formed near 1.1989 and the pair is now correcting lower. An initial support is near the 1.1960 level.
There is also a connecting bullish trend line forming with support near 1.1960 on the hourly chart. If there is a downside break, the pair could decline towards the 1.1935 support or the 50 hourly simple moving average.
On the upside, there is a major resistance near 1.1990 and 1.2000 on FXOpen, above which EUR/USD could start a strong increase. The next major resistance above 1.2000 might be near the 1.2050 level.
