The Euro started a fresh upward move above the 1.0165 zone against the US Dollar. The EUR/USD pair climbed above the 1.0220 resistance to move into a short-term bullish zone.
The pair climbed above the 1.0240 level and settled above the 50 hourly simple moving average. A high is formed near 1.0253 and the pair is now consolidating. An immediate resistance on the upside is near 1.0250 on FXOpen.
The first major resistance is near the 1.0265 level. A break above the 1.0250 and 1.0265 resistance levels could start a decent upward move. In the stated case, it could even surpass 1.0300.
If not, the pair might drop below 1.0220. The next key support is near 1.0200, below the pair could decline towards the 1.0165 level in the near term. Any more losses might send the pair towards the 1.0120 level.
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