On the hourly chart at FXOpen, the Euro started a fresh increase from the 1.0835 support zone against the US Dollar. The EUR/USD pair climbed above the 1.0935 resistance to move into a bullish zone.
The pair settled above the 50-hour simple moving average at 1.1000. It is now showing positive signs and consolidating in a tight range. On the upside, immediate resistance is near the 1.1075 level.
The next major resistance is near the 1.1120 level. A break above the 1.1120 resistance zone could spark another strong increase. In the stated case, it could rise toward the 1.1200 resistance.
Conversely, the pair might start a downside correction from 1.1075. Initial support is near 1.1000, coinciding with the 50-hour simple moving average and a connecting bullish trend line. Any more losses might send the pair towards 1.0935 in the near term.
