On the hourly chart of EUR/USD at FXOpen, the pair started a downside correction from the 1.1265 zone. The Euro declined below the 1.1230 and 1.1185 support levels against the US Dollar.
The pair settled below the 50-hour simple moving average and tested 1.1120. It is now consolidating losses and facing resistance near 1.1145. A clear move above the 1.1145 level might send the pair toward the 50-hour simple moving average.
There is also a connecting bearish trend line with resistance at 1.1185. The next major resistance is near the 1.1230 zone. Any more gains might send the pair toward 1.1265.
Conversely, the pair might continue to move down below 1.1120. The next major support is near 1.1080, below which EUR/USD could test 1.1050. Any more losses could send the pair toward 1.1000.
