The Euro started a recovery wave from the 0.9550 zone against the US Dollar. The EUR/USD pair wave able to rise above the 0.9580 and 0.9600 resistance levels.
There was close above the 0.9700 level and the 50 hourly simple moving average. The pair is now consolidating gains near the 0.9820 zone. An immediate resistance on the upside is near 0.9815 and a connecting bearish trend line on the hourly chart. The first major resistance is near the 0.9840 level.
A break above the 0.9840 resistance level could start a decent upward move. In the stated case, it could even surpass 0.9900 on FXOpen.
Conversely, the pair might start another decline below 0.9780. The next key support is near 0.9760, below the pair could decline towards the 0.9720 level. Any more losses might send the pair towards the 0.9680 level.
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