The Euro started a fresh decline from the 1.0750 resistance zone against the US Dollar. The EUR/USD pair declined below the 1.0650 level to move into a bearish zone.
The price even traded below the 1.0580 level and the 50 hourly simple moving average. It traded as low as 1.0470 and is currently consolidating losses. An immediate support is near the 1.0480 level.
The next key support is near 1.0470 on FXOpen, below the pair could decline towards the 1.0440 level in the near term. Any more losses might send the pair towards the 1.0420 level.
On the upside, the pair might struggle near 1.0540 and the 50 hourly simple moving average. The next major resistance is near the 1.0565 level. A break above the 1.0540 and 1.0565 resistance levels could start a decent increase towards the 1.0620 level in the near term.
