EUR/USD Pair Is Now Attempting A Recovery From The 1.1562 Low

Technical analysis of Forex market

The Euro started a fresh decline from well above 1.1700 against the US Dollar. The EUR/USD pair traded below the 1.1650 and 1.1620 support levels.

The pair even declined below the 1.1600 zone and settled below the 50 hourly simple moving average. A low is formed near 1.1562 and the pair is now attempting a recovery. It surpassed a short-term bearish trend line with resistance near 1.1576 on the hourly chart.

An immediate resistance is near the 1.1600 level. The main resistance is near 1.1610 and the 50 hourly simple moving average. A clear break above the 1.1600 and 1.1610 resistance levels could lead the pair towards the 1.1650 zone.

On the downside, an initial support is near the 1.1565 level. The key support is near 1.1550 on FXOpen, below which there is a risk of a larger decline. The next major support is near the 1.1500 level.