The Euro climbed high above the 1.1200 resistance earlier this week against the US Dollar. However, the EUR/USD pair failed to continue above the 1.1240 resistance and recently started a downside correction.
There was a break below the 1.1200 support and the 50 hourly simple moving average. The pair tested the 1.1165 area and it is currently consolidating losses.
On the upside, there are many hurdles for the bulls near the 1.1185 level on FXOpen and a bearish trend line on the hourly chart. Besides, the main hurdle is near the 1.1200 area and the 50 hourly simple moving average.
A clear break above 1.1185 and 1.1200 might start a fresh increase in EUR/USD. If not, the pair might extend its decline below the 1.1165 level in the coming sessions. The next major support is near the 1.1140 level.