The EUR/USD broke the triangle pattern in a sharp move upwards, as it should have happened in theory of the triangle. The surge ended at the 1.1365 level. From that level the currency exchange rate started a decline. By the middle of Monday’s European trading hours, the rate had returned to the 1.1300 mark.
A further decline of the Euro against the US Dollar would need to pass the support of the weekly S1 simple pivot point at 1.1297. Afterwards, the pair could reach for the January low level zone at 1.1272/1.1277. Further below, the December 21 and 22 low levels might act as support at 1.1260/1.1265.
On the other hand, a recovery of the pair might find resistance in the combination of the 50, 100 and 200-hour simple moving averages near 1.1310/1.1320. Higher above, note the weekly simple pivot point at 1.1339.
