The Euro started a fresh decline from well above 1.1620 against the US Dollar. The EUR/USD pair traded below the 1.1600 and 1.1580 support levels.
The pair even declined below the 1.1560 zone and settled below the 50 hourly simple moving average. A low is formed near 1.1529 and the pair is now attempting a recovery. It is now facing a major bearish trend line with resistance near 1.1565 on the hourly chart.
An immediate resistance is near 1.1560 on FXOpen. A break above the 1.1560 and 1.1565 resistance levels could lead the pair towards the 1.1600 zone.
On the downside, an initial support is near the 1.1540 level. The key support is near 1.1525, below which there is a risk of a larger decline. The next major support is near the 1.1500 level.
