EUR/USD Pair Is Now Attempting A Recovery From The 1.1750 Low

The Euro started a fresh decline from well above 1.1820 against the US Dollar. The EUR/USD pair traded below the 1.1800 and 1.1780 support levels.

The pair even declined below the 1.1765 zone and settled below the 50 hourly simple moving average. A low is formed near 1.1750 and the pair is now attempting a recovery. It seems like there is a contracting triangle forming with resistance near 1.1767 on the hourly chart.

A clear break above the 1.1770 and 1.1775 resistance levels could lead the pair towards the 1.1800 zone. The next major resistance sits near 1.1835 on FXOpen.

On the downside, an initial support is near the 1.1755 level. The key support is near 1.1750, below which there is a risk of a larger decline. The next major support is near the 1.1700 level.