EUR/USD Pair Faced Sellers Near 1.0275 and is Currently Moving Lower

Technical analysis of Forex market

The Euro started a recovery wave above the 1.0200 zone against the US Dollar. The EUR/USD pair climbed above the 1.0250 resistance but it faced sellers.

The pair faced sellers near the 1.0275 zone and is currently moving lower. It is trading below the 1.0240 level and 50 hourly simple moving average. An immediate support is near a connecting bullish trend line with support near 1.0185 on the hourly chart.

The next key support is near 1.0165 on FXOpen, below the pair could decline towards the 1.0120 level in the near term. Any more losses might send the pair towards the 1.0050 level.

On the upside, the first major resistance is near the 1.00210 level. A break above the 1.0210 and 1.0220 resistance levels could start a decent recovery wave. In the stated case, it could even surpass 1.0250.

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