The Euro started a steady decline from well above the 1.1160 support area against the US Dollar. The EUR/USD pair gained bearish momentum and even broke the 1.1130 support area.
Besides, there was a close below 1.1120 and the 50 hourly simple moving average. The pair traded as low as 1.1092 on FXOpen and it is currently consolidating losses. On the upside, there are many hurdles near the 1.1110 area.
There is also a key bearish trend line with resistance near 1.1110 on the hourly chart. More importantly, the pair needs to climb above 1.1120 and the 50 hourly simple moving average to start a decent upward move.
If EUR/USD fails to climb above 1.1110 and 1.1120, it could extend its decline. A break below the 1.1090 could lead the pair towards the 1.1065 support area in the near term