The Euro struggled this week and declined below the 1.1400 and 1.1380 support levels against the US Dollar. The EUR/USD pair traded towards the 1.13000 level and later formed a support near 1.1310.
The pair recently corrected higher above the 1.1350 level and the 50 hourly simple moving average. However, the upside move was capped by the 1.1380-90 resistance area, which was a support earlier.
The pair is currently trading above the 1.1350 level, the 50 hourly SMA, and the 50% Fib retracement level of the last decline from the 1.1392 high to 1.1331 low.
Moreover, there is a major bullish trend line in place with support at 1.1340 on the hourly chart of EUR/USD. Therefore, if the pair dips from the current levels, it could find support near 1.1350 or 1.1340. On the upside, the main resistance is near the 1.1380-90 area.
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