EUR/USD Technical Analysis: Further weakness could see 1.1300 re-tested
Our preference: long positions above 1.1370 with targets at 1.1410 & 1.1425 in extension.Alternative scenario: below 1.1370 look for further downside with 1.1360 & 1.1350 as targets.
EUR/USD came under heightened selling pressure throughout last week,
dropping to lows near 1.1350, where some decent support appears to have emerged.
A loss of last week’s lows should open the door for a potential visit of the key 200-week SMA at 1.1323 ahead of YTD lows at 1.1306 (January 3).
Further out, spot is expected to remain neutral/bearish while below the September 2018-January 2019 resistance line, today at 1.1552.