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EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a strong rally from the 1.0900 zone. The Euro climbed above the 1.1020 resistance to move into a bullish zone against the US Dollar.

There was a break above the 50-hour simple moving average and 1.1150. It is now facing resistance near the 1.1240 and 1.1250 levels. A clear move above the 1.1250 level might send the pair toward the 1.1280 resistance.

The next major resistance is near the 1.1320 zone. Any more gains might send the pair toward the 1.1350 resistance.

Conversely, the pair might start a downside correction and retest the 50-hour simple moving average at 1.1150. The next major support is near 1.1120, below which EUR/USD could test the 1.1020 support. Any more losses could send the pair to 1.0975.

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