The Euro started a fresh decline from the 1.0700 zone against the US Dollar. The EUR/USD pair traded below the 1.0650 level to move into a bearish zone.
The pair even traded below the 1.0620 level and the 50 hourly simple moving average. The bears pushed the pair below 1.0600 and low is formed near 1.0577. It is now consolidating, with an immediate resistance near the 1.0605 level.
The first major resistance is near the 1.0620 level and the 50 hourly SMA. A break above the 1.0620 resistance level could start another increase. In the stated case, it could rise towards the 1.0665 resistance.
Conversely, the pair might continue to move down below 1.0580. The next key support is near 1.0550, below the pair could drop towards 1.0520 on FXOpen. Any more losses might send the pair towards the 1.0500 level in the near term.
