The Euro started a fresh increase after forming a base above the 1.2055 level against the US Dollar. The EUR/USD pair broke the 1.2100 resistance to move into a positive zone.
It even climbed above the 1.2120 level and settled nicely above the 50 hourly simple moving average. A high is formed near 1.2150 and the pair is now correcting gains.
An initial support on the downside is near the 1.2110 level. There is also a major bullish trend line forming with support near 1.2100 on the hourly chart. If there is a break below 1.2100 and the 50 hourly simple moving average, the pair could dive towards 1.2050 on FXOpen.
On the upside, an initial resistance is near 1.2125. A clear break above the 1.2125 level could open the doors for a break above the 1.2150 resistance.