The Euro started a decent recovery wave above 1.0950 against the US Dollar. The EUR/USD pair traded above the 1.1050 resistance level and the 50 hourly simple moving average.
It even moved above the 1.1120 and traded as high as 1.1137. It is now correcting lower and trading below 1.1100. On the downside, there is a key bullish trend line forming with support near 1.1080 on the hourly chart.
The next key support is near 1.1050 on FXOpen, below the pair could decline towards the 1.1020 level in the near term. Any more losses might send the pair towards the 1.0980 level.
On the upside, an immediate resistance near the 1.1095 level. The next major resistance is near the 1.1115 level. A break above the 1.1115 and 1.1120 resistance levels could start a decent increase towards the 1.1160 level in the near term.