The Euro started a fresh decline from the 1.2220 resistance zone against the US Dollar. The EUR/USD pair broke the 1.2200 support zone, but it remained well bid near 1.2150.
A low was formed near 1.2143 and the pair is currently rising. It broke the 1.2180 resistance and the 50 hourly simple moving average. It is now facing resistance near the 1.2190 level.
The first major resistance is near the 1.2200 level. The main resistance is now forming near the 1.2220 level, above which the pair could rise towards 1.2250 on FXOpen.
On the downside, there is a key bullish trend line forming with support near 1.2180 on the hourly chart. A downside break below the trend line might call for a move towards the 1.2150 support zone. The next major support is near the 1.2120 level.
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