EUR/USD Outlook: A Key Bearish Trend Line Forming With Resistance Near 1.1220

The Euro started a fresh recovery from the 1.1185 zone against the US Dollar. The EUR/USD pair traded above the 1.1200 resistance zone to move into a short-term positive zone.

However, the pair is still well below the 1.1250 level and the 50 hourly simple moving average. There is also a key bearish trend line forming with resistance near 1.1220 on the hourly chart.

An immediate resistance near the 1.1225 level. A break above the 1.1220 and 1.1225 resistance levels could lead the pair towards the 1.1250 zone, above which the pair could rise towards 1.1320 on FXOpen.

On the downside, an initial support is near the 1.1205 level. The key support is near 1.1200, below which there is a risk of a fresh decline. The next major support is near the 1.1185 level.

November 26, 2021 at 08:43PM
FXOpen
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