EUR/USD Pair Started a Fresh Increase from $1.0950

Technical analysis of Forex market

The Euro started a fresh increase from the 1.0950 support zone against the US Dollar. The EUR/USD pair traded above the 1.1000 resistance level and the 50 hourly simple moving average.

It even moved above the 1.1020 level and cleared a key bearish trend line at 1.1025 on the hourly chart. The pair is now showing positive signs, with an immediate resistance near the 1.1040 level.

The next major resistance is near the 1.1050 level. A break above the 1.1040 and 1.1050 resistance levels could start a decent increase towards the 1.1100 level in the near term.

If not, there might be a downside correction below 1.1020 on FXOpen. The next key support is near 1.1000, below the pair could decline towards the 1.0980 level in the near term. Any more losses might send the pair towards the 1.0950 level.