The Euro tumbled heavily this month before buyers appeared near 1.1300 against the US Dollar.
There is an important bearish trend line formed with resistance at 1.1635 on the daily chart of EUR/USD.

EUR/USD Technical Analysis

The Euro fell sharply during the past few days and traded below the 1.1650 and 1.1500 support levels. The EUR/USD pair even broke the 1.1450 support and traded towards the 1.1300 level.
A low was formed at 1.1300 before buyers appeared. Later, the pair started an upside correction and traded above the 1.1380 level. There was a push above the 23.6% Fib retracement level of the last decline from the 1.1745 high to 1.1300 low.

However, there is a major barrier for the Euro buyers near the 1.1500-20 zone. It represents the 50% Fib retracement level of the last decline from the 1.1745 high to 1.1300 low. Above this, the pair may perhaps move towards the 1.1630-40 resistance zone.

There is also an important bearish trend line formed with resistance at 1.1635 on the daily chart of EUR/USD. Therefore, if the pair continues to move higher, it is likely to face sellers near the 1.1600 and 1.1620 resistance levels.

If the pair fails to move past 1.1550 and 1.1600, it could decline once again. The 1.1380 level is an initial support, below which, the pair is likely to test the 1.1300 low.

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