The Euro gained pace above the 1.1850 resistance level against the US Dollar. EUR/USD even surged towards the 1.1900 level on FXOpen, where sellers emerged.
A high was formed near 1.1916 and the pair started a fresh decline. There was a break below the 1.1880 and 1.1850 support levels. The pair even tested the 1.1810 zone and it is currently recovering. It seems like the pair is supported above a connecting bullish trend line at 1.1825 and the 50 hourly simple moving average.
On the upside, the pair must break the 1.1850 resistance level to continue higher. The next major resistance is near the 1.1900 zone.
Conversely, the pair could break the trend line support and the 50 hourly SMA to move into a bearish zone. In the stated case, the pair is likely to continue lower towards the 1.1780 support.
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