EUR/USD Outlook: The Low Is Formed Near 1.2234 And The Pair Is Recovering Higher

The Euro faced a strong resistance near the 1.2350 level against the US Dollar. The EUR/USD pair started a fresh decline and it broke the 1.2320 support level.

The pair even traded below the 1.2300 support level and the 50 hourly simple moving average. The pair is now trading above the 1.2240 support level. A low is formed near 1.2234 on FXOpen and the pair is currently recovering higher.

On the upside, the pair is facing hurdles near the 1.2270 level. A clear break above the 1.2270 and 1.2280 resistance levels could lead the pair towards the 1.2320 level. The next major resistance is near the 1.2350 level.

On the downside, there is a strong support forming near the 1.2240 level. If there is a clear break below the 1.2240 support level, there is a risk of a drop towards the 1.2200 level.

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