EUR/USD Outlook: A Low Is Formed Near 1.1885 And The Pair Is Currently Rising

Technical analysis of Forex market

The Euro remained in a positive zone above the 1.1880 pivot level against the US Dollar. The EUR/USD pair traded as high as 1.1940 recently before starting a downside correction.

The pair traded below the 1.1900 level, but it remained well below near the 50 hourly simple moving average. A low is formed near 1.1885 on FXOpen and the pair is currently rising. There is also a key bullish trend line forming with support near 1.1900 on the hourly chart.

On the upside, there is a major resistance waiting near 1.1930 and 1.1940. A clear break above the 1.1940 resistance zone could open the doors for a larger increase.

If there is a fresh decline and a break below the trend line support, there is a risk of a break towards the 1.1880 level. The next major support sits at 1.1850.