The Euro started a downside correction from the 1.1035 zone against the US Dollar. The EUR/USD pair traded below the 1.1000 level to move into a short-term bearish zone.
The pair even traded below the 1.0980 level and the 50 hourly simple moving average. The bears pushed the pair below a connecting bullish trend line with support at 1.0945 on the hourly chart. An immediate resistance is near the 1.0950 level.
The first major resistance is near 1.0980 on FXOpen. A break above the 1.0980 resistance level could start another increase. In the stated case, it could rise towards the 1.1035 resistance.
Conversely, the pair might continue to move down below 1.0890. The next key support is near 1.0855, below the pair could drop towards the 1.0820 level. Any more losses might send the pair towards the 1.0800 level in the near term.
