The Euro started a fresh decline from the 1.2255 resistance zone against the US Dollar. The EUR/USD pair broke the 1.2200 support zone to move into a short-term bearish zone.
It even broke the 1.2150 support and settled well below the 50 hourly simple moving average. A low is formed near 1.2114 and the pair is now struggling to recover.
On the upside, an initial resistance is near the 1.2135 level. The main resistance is now forming near 1.2160 on FXOpen. There is also a key bearish trend line forming with resistance near 1.2170 on the hourly chart.
Conversely, the pair might continue to move down below the 1.2110 level. An initial support on the downside is near the 1.2100 level. Any more losses might call for a test of the 1.2065 support level.
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