EUR/USD Pair Started A Decent Recovery Wave From 1.1780

Technical analysis of Forex market

The Euro found support near the 1.1775 zone after a steady decline against the US Dollar. The EUR/USD pair formed a base above 1.1780 and it started a decent recovery wave.

It surpassed the 1.1800 resistance level, but it struggling to settle above the 50 hourly simple moving average. There is also a key bullish trend line forming with support near 1.1800 on the hourly chart.

If there is a downside break, the pair could resume its decline. An initial support is near the 1.1780 level, below which the pair could dive towards the 1.1750 level.

On the upside, an initial resistance is near the 1.1825 level. The first key resistance is near 1.1850 on FXOpen, above which the bulls are likely to aim a test of the 1.1880 resistance zone in the near term.