EUR/USD Pair is Consolidating Gains above the 1.1450 Level

Technical analysis of Forex market

The Euro started a steady increase from the 1.1320 support zone against the US Dollar. The EUR/USD pair broke the 1.1380 resistance zone to move into a positive zone.

There was also a move above the 1.1400 level and the 50 hourly simple moving average. It is now consolidating gains above the 1.1450 level. An immediate resistance near the 1.1480 level.

The next major resistance is near the 1.1500 level. A break above the 1.1480 and 1.1500 resistance levels could start a decent increase towards the 1.1550 level in the near term.

On the downside, an initial support is near the 1.1450 level. There is also a key bullish trend line with support near 1.1450 on the hourly chart, below which the pair could extend losses. The next key support is near 1.1420, below the pair could test 1.1400 on FXOpen.