EUR/USD Pair Started a Steady Recovery from 1.1260 Support

Technical analysis of Forex market

The Euro found support near the 1.1260 level against the US Dollar. The EUR/USD pair started a steady recovery wave above the 1.1280 and 1.1300 levels.

It is now moving higher above 1.1320 and the 50 hourly simple moving average. An immediate resistance near the 1.1325 level. There is also a key bearish trend line with resistance near 1.1335 on the hourly chart.

The next major resistance is near the 1.1350 level. A break above the 1.1335 and 1.1350 resistance levels could lead the pair towards the 1.1388 zone, above which the pair could even break the 1.1400 level.

On the downside, an initial support is near the 1.1310 level. The key support is near 1.1300, below which there is a risk of a move towards 1.1280 on FXOpen. The next major support is near the 1.1260 level.