EUR/USD Outlook: The Pair Broke the Key 1.1750 Support Zone to Move into a Bearish Zone

Technical analysis of Forex market

The Euro failed to clear the 1.1800 resistance and started a fresh decline against the US Dollar. The EUR/USD pair broke the key 1.1750 support zone to move into a bearish zone.

It even broke the 1.1700 support level and settled below the 50 hourly simple moving average. A low is formed near 1.1665 and the pair is now consolidating losses. An initial support on the downside is near the 1.1665 level.

The first major support is near the 1.1650 level. Any more losses could lead the pair towards the 1.1600 support zone in the coming sessions.

On the upside, an initial resistance is near the 1.1680 level on FXOpen. There is also a key bearish trend line with resistance near 1.1680 on the hourly chart. A clear break above the trend line could start a decent recovery towards the 1.1720 level or even 1.1750.