EUR/USD Started a Fresh Decline from $1.0180

Technical analysis of Forex market

The Euro started a fresh decline from well above the 1.0180 level against the US Dollar. The EUR/USD pair traded below the 1.0150 support zone to move into a bearish zone.

There was a move below a connecting bullish trend line at 1.0152 on the hourly chart. The pair even settled below the 1.0130 level and settled above the 50 hourly simple moving average. A low is formed near 1.0070 and the pair is now consolidating. An immediate resistance on the upside is near 1.0100.

The first major resistance is near the 1.0120 level. A break above the 1.0120 resistance level could start a decent upward move. In the stated case, it could even surpass 1.0150.

If not, the pair might drop below 1.0070 on FXOpen. The next key support is near 1.0050, below the pair could decline towards the 1.0020 level in the near term. Any more losses might send the pair towards the 1.0000 level.

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