EUR/USD Pair Moved into a Bearish Zone Below $1.0700

Technical analysis of Forex market

The Euro started a fresh decline from the 1.0775 resistance zone against the US Dollar. The EUR/USD pair traded below the 1.0700 support zone to move into a bearish zone.

The price even traded below the 1.0680 level and the 50 hourly simple moving average. It traded as low as 1.0611 and is currently correcting losses. On the upside, the pair might struggle near 1.0650 on FXOpen.

The next major resistance is near the 1.0700 level. A break above the 1.0700 and 1.0720 resistance levels could start another increase. In the stated case, it could even surpass 1.0750.

An immediate support is near the 1.0610 level. The next key support is near 1.0600, below the pair could decline towards the 1.0550 level in the near term. Any more losses might send the pair towards the 1.0520 level.