EUR/USD Pair Started a Recovery Above $1.0180

Technical analysis of Forex market

The Euro started a fresh recovery wave above the 1.0150 zone against the US Dollar. The EUR/USD pair climbed above the 1.0180 resistance but it faced sellers.

The pair faced sellers near the 1.0200 zone and is currently consolidating. However, the pair has settled above the 1.0180 level and the 50 hourly simple moving average. An immediate resistance on the upside is near 1.0210 and a connecting bearish trend line on the hourly chart.

On the upside, the first major resistance is near the 1.0235 level. A break above the 1.0210 and 1.0235 resistance levels could start a decent recovery wave. In the stated case, it could even surpass 1.0265 on FXOpen.

If not, the pair might drop below 1.0180. The next key support is near 1.0150, below the pair could decline towards the 1.0120 level in the near term. Any more losses might send the pair towards the 1.0080 level.

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