The Euro started a fresh decline from the 1.1180 resistance zone against the US Dollar. The EUR/USD pair declined below the 1.1120 level to move into a short-term bearish zone.
The price even traded below the 1.1100 level and the 50 hourly simple moving average. There was a break below a key bullish trend line with support near 1.1170 on the hourly chart. The pair is now trading below the 1.1080 level.
The next key support is near 1.1050 on FXOpen, below the pair could decline towards the 1.1020 level in the near term. Any more losses might send the pair towards the 1.0980 level.
On the upside, the pair might struggle near 1.1100. The next major resistance is near the 1.1120 level. A break above the 1.1100 and 1.1120 resistance levels could start a decent increase towards the 1.1170 level in the near term.
