The Euro made an attempt to gain strength above 1.2180 and 1.2200 against the US Dollar, but it failed. The EUR/USD pair traded as low as 1.2058 and recently corrected higher.
There was a break above 1.2100, but the pair struggled to say above the 1.2150 level and the 50 hourly simple moving average. It is declining again and cleared a major bullish trend line with support near 1.2110 on the hourly chart.
If there are more losses, the pair is likely to continue lower towards 1.2080. The next major support on the downside is near the 1.2060 level.
On the upside, the pair is facing a strong resistance near 1.2120, the 50 hourly SMA, and a connecting bearish trend line on the same chart. A clear break above 1.2120 and 1.2130 on FXOpen is must for a strong upward move in the near term.
