The Euro started a decent increase from the 1.0380 support zone against the US Dollar. The EUR/USD pair traded above the 1.0420 resistance to start an upward move.
There was a clear move above a key bearish trend line with resistance near 1.0435 on the hourly chart. The pair settled above the 1.0450 level and the 50 hourly simple moving average. It traded as high as 1.0601 and is currently correcting gains.
An immediate support is near the 1.0520 level on FXOpen. The next key support is near 1.0500, below the pair could decline towards the 1.0450 level in the near term. Any more losses might send the pair towards the 1.0400 level.
On the upside, the next major resistance is near the 1.0580 level. A break above the 1.0580 and 1.0600 resistance levels could start another increase. In the stated case, it could even surpass 1.0650.
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