EUR/USD Pair Is Now Consolidating Losses Near The 1.1880 Support

Technical analysis of Forex market

The Euro found support near the 1.1770 zone and formed a support base against the US Dollar. The EUR/USD pair started a decent upward move above the 1.1800 resistance.

It surpassed the 1.1820 resistance level and settled above the 50 hourly simple moving average. There was also a break above a contracting triangle with resistance near 1.1822 on the hourly chart.

The pair climbed above 1.1850 and traded as high as 1.1894 on FXOpen. It is now consolidating losses near the 1.1880 support. An initial support is near the 1.1850 level, below which the pair could dive towards the 1.1800 level.

On the upside, an initial resistance is near the 1.1895 level. The first key resistance is near the 1.1900 level, above which the pair could rise steadily towards the 1.1950 level in the near term.