The Euro formed a decent support base near the 1.1315 level and later recovered against the US Dollar. The EUR/USD pair traded higher and managed to break the 1.1330 and 1.1340 resistance levels.
The pair even broke the 1.1355 resistance and the 50 hourly simple moving average. However, the upside move was capped by the 1.1415 level and a connecting bearish trend line on the hourly chart.
The pair declined again and tested the 1.1355 support area and the 50% Fib retracement level of the last wave from the 1.1321 low to 1.1412 high.
Dips remained supported above 1.1350 and the pair bounced back. It broke the 1.1370 level and a short-term contracting triangle with resistance at 1.1375. It has opened the doors for more gains and it seems like the pair could climb again towards the 1.1400 and 1.1415 levels.
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