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EUR/USD Pair Is Now Consolidating Losses Above 1.1420

The Euro started a fresh decline from well above 1.1600 against the US Dollar. The EUR/USD pair traded below the 1.1550 support level to enter a bearish zone.

The pair even settled below the 1.1500 level and the 50 hourly simple moving average. There was a break below the 1.1450 level and the pair traded as low as 1.1436 on FXOpen. It is now consolidating losses above the 1.1420 level.

An immediate resistance near the 1.1465 level. The main resistance is now forming near the 1.1500 level and the 50 hourly simple moving average. There is also a key bearish trend line with resistance near 1.1510 on the hourly chart.

On the downside, an initial support is near the 1.1435 level. The key support is near 1.1420, below which there is a risk of a fresh decline. The next major support is near the 1.1380 level.

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