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EUR/USD Started A Fresh Increase From 1.1780

The Euro found support near the 1.1780 zone after a steady decline against the US Dollar. The EUR/USD pair formed a base above 1.1780 and it started a fresh increase.

It surpassed the 1.1800 resistance level and the 50 hourly simple moving average. There was a break above a key bearish trend line with resistance near 1.1808 on the hourly chart. It traded as high as 1.1867 and it is now correcting gains.

An initial support is near the 1.1830 level. The first major support is near the 1.1820 level and the 50 hourly SMA, below which the pair could dive towards the 1.1780 level.

On the upside, an initial resistance is near 1.1850 on FXOpen. The first key resistance is near the 1.1865 level, above which the bulls are likely to aim a test of the 1.1900 resistance zone.