EUR/USD Analysis: Euro broke a major bullish trend and could test the 1.1300 level
|The Euro recently recovered above the 1.1400 resistance against the US Dollar. The EUR/USD pair failed to break the 1.1430 and 1.1400 resistance levels and later started a downside move.
During the decline, the pair broke a major bullish trend line with support at 1.1405 on the hourly chart. The pair even broke the 1.1380 support and the 50 hourly simple moving average. Finally, there was a break below the 76.4% Fib retracement level of the last wave from the 1.1358 low to 1.1433 high.
Therefore, the pair is likely to decline further below 1.1360 in the near term. The next major support is at 1.1340, below which the pair could test the 1.1300 level. On the upside, resistances are at 1.1380 and 1.1400.
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