EUR/USD Outlook: Broke Key 1.1820 Resistance Zone to Move into a Bullish Zone

Technical analysis of Forex market

The Euro started a fresh increase above the 1.1800 resistance zone against the US Dollar. The EUR/USD pair broke the key 1.1820 resistance zone to move into a bullish zone.

The pair even cleared the 1.1850 zone and settled above the 50 hourly simple moving average. A high is formed near 1.1884 and the pair is now consolidating gains. An initial support on the downside is near the 1.1870 level.

There is also a key bullish trend line forming with support near 1.1865 on the hourly chart. Any more losses could lead the pair towards the 1.1840 support zone and the 50 hourly SMA.

On the upside, an initial resistance is near the 1.1885 level. A clear break above the 1.1885 and 1.1900 resistance levels could lead the pair towards the 1.1920 zone. The next major resistance sits near 1.1950 on FXOpen.