EUR/USD Pair Moved into a Bearish Zone Below $1.0880

Technical analysis of Forex market

The Euro started a fresh decline from the 1.0925 resistance zone against the US Dollar. The EUR/USD pair declined below the 1.0880 level to move into a bearish zone.

The price even traded below the 1.0800 level and the 50 hourly simple moving average. It traded as low as 1.0757 and is currently consolidating losses. An immediate support is near the 1.0780 level.

The next key support is near 1.0765 on FXOpen, below the pair could decline towards the 1.0720 level in the near term. Any more losses might send the pair towards the 1.0680 level.

On the upside, the pair might struggle near 1.0840. The next major resistance is near the 1.0850 level. A break above the 1.0840 and 1.0850 resistance levels could start a decent increase towards the 1.0900 level in the near term.