The Euro started a downside correction from the 1.2250 resistance zone against the US Dollar. The EUR/USD pair broke the 1.2220 support zone to move into a short-term bearish zone.
It even broke the 1.2200 support and there was a close below the 50 hourly simple moving average. A low is formed near 1.2181 and the price is now consolidating losses.
On the upside, there is a major bearish trend line forming with resistance near 1.2190 on the hourly chart. If there is an upside break above 1.2190 and 1.2200 on FXOpen, the price could start a fresh increase in the near term.
Conversely, the pair might fail and decline below 1.2180. An initial support on the downside is near the 1.2150 level. Any more losses might lead the pair towards the main 1.2120 support zone.
