EUR/USD Pair Is Now Correcting Losses From The 1.1840 Low

Technical analysis of Forex market

The Euro failed to remain stable above 1.1900 and started a fresh decline against the US Dollar. The EUR/USD pair broke the 1.1880 support zone to move into a bearish zone.

It even settled below the 1.1860 support level and the 50 hourly simple moving average. A low is formed near 1.1840 and the pair is now correcting losses. On the upside, an initial resistance is near the 1.1860 level and the 50 hourly SMA.

There is also a major bearish trend line forming with resistance near 1.1865 on the hourly chart. A break above the trend line is must to start a decent increase towards the 1.1900 level.

If there is no increase above 1.1865 on FXOpen, the pair could resume its decline. An initial support is near the 1.1840 level, below which EUR/USD could decline towards 1.1810 in the near term.