The Euro struggled to clear the 1.1350 resistance zone and corrected lower against the US Dollar. The EUR/USD pair broke the 1.1300 support, but it found support near 1.1275.
It is now moving higher above 1.1280 and trading below the 50 hourly simple moving average. Besides, there was a break above a key bearish trend line forming with resistance near 1.1295 on the hourly chart.
An immediate resistance near the 1.1300 level. A break above the 1.1300 and 1.1305 resistance levels could lead the pair towards the 1.1325 zone, above which the pair could rise towards 1.1350 on FXOpen.
On the downside, an initial support is near the 1.1285 level. The key support is near 1.1275, below which there is a risk of a sharp decline. The next major support is near the 1.1220 level.
