EUR/USD Pair is Correcting Lower from the 1.1784 High

The Euro declined below 1.1750 and tested the 1.1710 support zone against the US Dollar. The EUR/USD pair started a fresh increase from the 1.1710 support base and it climbed above 1.1750.

There was also a break above a key bearish trend line with resistance near 1.1740 on the hourly chart. It even broke the 1.1765 resistance and the 50 hourly simple moving average. A high is formed near 1.1784 on FXOpen and the pair is correcting lower.

An initial support on the downside is near the 1.1765 level. The first major support is near the 1.1755 level, below which the pair could decline towards the 1.1725 level in the near term.

On the upside, the 1.1785 and 1.1790 levels are important hurdles. Any more gains might call for a steady increase above the 1.1800 resistance zone.