The Euro started a fresh decline from well above the 1.1320 zone against the US Dollar. The EUR/USD pair traded below the 1.1250 support zone to move into a bearish zone.
There was also a move below the 1.1200 level the 50 hourly simple moving average. A low was formed near 1.1131 and the pair is now correcting higher. An immediate resistance near the 1.1155 level.
The next major resistance is near the 1.1180 level. A break above the 1.1180 and 1.1185 resistance levels could start a decent increase towards the 1.1220 level in the near term.
On the downside, an initial support is near 1.1140 . The next key support is near 1.1120, below the pair could decline heavily. In the stated case, the pair could move down towards the 1.1050 level in the near term.
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