EUR/USD Outlook: The Pair Broke The Key 1.1750 Resistance Zone To Move Into A Short-Term Bullish Zone

Technical analysis of Forex market

The Euro started a recovery wave above the 1.1720 resistance zone against the US Dollar. The EUR/USD pair broke the key 1.1750 resistance zone to move into a short-term bullish zone.

The pair traded as high as 1.1778 before it faced sellers. It corrected lower below 1.1750 on FXOpen and the 50 hourly simple moving average. A low is formed near 1.1741 and the pair is now consolidating losses. An initial support on the downside is near the 1.1740 level.

There is also a key bullish trend line forming with support near 1.1740 on the hourly chart. Any more losses could lead the pair towards the 1.1700 support zone in the coming sessions.

On the upside, an initial resistance is near the 1.1755 level. A clear break above the 1.1755 and 1.1760 resistance levels could lead the pair towards the 1.1780 zone. The next major resistance sits near 1.1800.