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EUR/USD Technical Analysis

On the hourly chart of EUR/USD at FXOpen, the pair started a fresh decline below the 1.0790 support. The Euro declined below the 1.0765 support against the US Dollar.

The pair traded close to the 1.0700 zone and tested 1.0705. It is now consolidating losses and facing resistance near the 50-hour simple moving average at 1.0745. The first major resistance is near a connecting bearish trend line on the same chart at 1.0765.

A break above the 1.0765 resistance zone could start a decent increase toward the 1.0790 zone. A close above the 1.0790 level might start a strong increase toward the 1.0830 resistance.

Conversely, the pair might resume its decline from the 1.0745 level. Initial support is near the 1.0705 zone. The next major support is near 1.0680, below which EUR/USD could test the 1.0650 support.

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