The Euro gained pace after it broke the 1.1900 resistance zone against the US Dollar. The EUR/USD pair even broke the 1.1950 resistance to move into a positive zone.
It spiked above the 1.1980 level and traded as high as 1.1993 on FXOpen. It is now correcting lower and trading below 1.1980. There was a break below 1.1960 and the 50 hourly simple moving average. There is also a declining channel forming with resistance near 1.1965 on the hourly chart.
An initial support on the downside is near the 1.1940 level. The first major support is near the 1.1935 level, below which the pair could decline towards the key 1.1920 support zone.
On the upside, the 1.1965 level and the 50 hourly SMA are important hurdles. A clear break above the channel resistance could set the pace for a test of the 1.2000 resistance.
