The Euro started a fresh decline from well above 1.1600 against the US Dollar. The EUR/USD pair traded below the 1.1560 and 1.1550 support levels.
A low was formed near 1.1524 and the pair is now attempting a recovery. It broke the 1.1550 level, but it is still well below the 50 hourly simple moving average. There was a break above a key bearish trend line with resistance near 1.1555 on the hourly chart.
An immediate resistance is near the 1.1610 level. A break above the 1.1610 and 1.162 resistance levels could lead the pair towards the 1.1650 zone.
On the downside, an initial support is near the 1.1580 level. The key support is near 1.1550 on FXOpen, below which there is a risk of a larger decline. The next major support is near the 1.1500 level.
