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EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a recovery wave from the 1.0930 region. The Euro traded above the 1.0970 resistance zone against the US Dollar.

The pair settled above the 50-hour simple moving average and tested 1.1000. It is now consolidating above a connecting bullish trend line with support at 1.0990. Immediate resistance is near the 1.1015 level.

The next major resistance is near 1.1040. Any more gains might send the pair toward 1.1080 or even 1.1120 in the near term.

Conversely, the pair might start a fresh decline below the trend line. The next key support is near 1.0970, below which EUR/USD could test 1.0930. Any more losses could send the pair toward the 1.0920 support zone.

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