The Euro started a fresh recovery from the 1.1580 zone against the US Dollar. The EUR/USD pair traded above the 1.1620 resistance zone to move into a short-term positive zone.
However, the pair struggled to clear the 1.1665 resistance zone. It started a fresh decline below the 1.1640 level and the 50 hourly simple moving average. There was a break below a key bullish trend line with support near 1.1635 on the hourly chart.
The pair is now consolidating and an immediate resistance near the 1.1635 level. A break above the 1.1635 and 1.1640 resistance levels could lead the pair towards the 1.1665 zone.
On the downside, an initial support is near the 1.1625 level. The key support is near 1.1620 on FXOpen, below which there is a risk of a larger decline. The next major support is near the 1.1580 level.
