The Euro started a decent recovery wave above 1.0920 against the US Dollar. The EUR/USD pair traded above the 1.1050 resistance level and the 50 hourly simple moving average.
However, it failed to clear the 1.1120 resistance and started a fresh decline. There was a break below a key bullish trend line with support near 1.1000 on the hourly chart. It is now consolidating near the 1.1010 level and the 50 hourly simple moving average.
An immediate resistance near the 1.1025 level. The next major resistance is near the 1.1035 level. A break above the 1.1025 and 1.1035 resistance levels could start a decent increase towards the 1.1080 level in the near term.
On the downside, an initial support is near 1.0975 on FXOpen. The next key support is near 1.0950, below the pair could decline towards the 1.0900 level in the near term.
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