The Euro started a fresh increase from the 1.0420 support zone against the US Dollar. The EUR/USD pair surpassed the 1.0500 level to move into a positive zone.
The price even traded above the 1.0550 level and the 50 hourly simple moving average. It traded as high as 1.0606 and is currently correcting gains. An immediate support is near the 1.0550 level.
The next key support is near 1.0535, below the pair could decline towards the 1.0500 level in the near term. Any more losses might send the pair towards the 1.0450 level.
On the upside, the pair might struggle near 1.0600 on FXOpen. The next major resistance is near the 1.0640 level. A break above the 1.0640 and 1.0650 resistance levels could start a decent increase. In the stated case, the pair could rise towards the 1.0750 level in the near term.