(MENAFN- FXOpen) The Euro started a strong rise from the 1.1000 support zone against the US Dollar. The EUR/USD pair broke many resistances near the 1.1050 level to move into a positive zone.
Recently, there was a close above the 1.1065 resistance area and the 50 hourly simple moving average. The pair even climbed above the 1.1095 level and it is currently trading with a positive angle.
It seems like the pair is following a rising channel with support near the 1.1095 on the hourly chart. On the upside, a clear break above the 1.1110 and 1.1120 resistance levels could push EUR/USD further higher towards 1.1150.
On the downside, a break below the channel support at 1.1095 might start a substantial correction in the near term. An initial support is 1.1088, followed by the main support near the 1.1065 level.
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