The Euro gained pace above the 1.1420 level against the US Dollar. However, the EUR/USD pair struggled below the 1.1500 level and started a fresh decline.
There was a move below the 1.1420 level the 50 hourly simple moving average. Besides, there was a break below a key bullish trend line with support near 1.1415 on the hourly chart. A low was formed near 1.1377 and the pair is now consolidating losses.
An immediate resistance near the 1.1405 level. The next major resistance is near the 1.1425 level. A break above the 1.1420 and 1.1425 resistance levels could start a decent increase towards the 1.1465 level in the near term.
On the downside, an initial support is near the 1.1380 level. The next key support is near 1.1350, below the pair could decline towards the 1.1315 level in the near term.
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