The Euro started a fresh decline from well above 1.1600 against the US Dollar. The EUR/USD pair traded below the 1.1580 support to move into a bearish zone.
The pair even settled below the 1.1580 level and the 50 hourly simple moving average. A low is formed near 1.1530 and is currently correcting losses. It is back above 1.1550. There was a break above a key bearish trend line with resistance near 1.1550 on the hourly chart.
An immediate resistance near the 1.1600 level. A break above the 1.1580 and 1.1600 resistance levels could lead the pair towards the 1.1620 zone.
On the downside, an initial support is near 1.1550 on FXOpen. The key support is near 1.1520, below which there is a risk of a fresh decline. The next major support is near the 1.1480 level.
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