On the hourly chart of EUR/USD at FXOpen, the pair attempted a recovery wave from the 1.0910 zone. The Euro climbed above 1.0945 but it is facing strong resistance near 1.0980 against the US Dollar.
The pair is now consolidating above the 50-hour simple moving average at 1.1000. On the upside, immediate resistance is near a connecting bearish trend line at 1.0980.
The next major resistance is near the 1.1000 level. A break above the 1.1000 resistance zone could spark another strong increase. In the stated case, it could rise toward the 1.1075 resistance.
Conversely, the pair might start another bearish wave from the 1.0980 level. Initial support is near the 50-hour simple moving average. The next major support is near 1.0945. Any more losses might resend the pair toward the 1.0910 support in the near term.
