EUR/USD Analysis: Drops below technical supports
Our preference: short positions below 1.1370 with targets at 1.1335 & 1.1315 in extension.Alternative scenario: above 1.1370 look for further upside with 1.1385 & 1.1410 as targets.
On Monday, the EUR/USD began the day’s trading above the support of the various hourly simple moving averages.
Although, it began to immediately decline.
By the middle of the day’s trading session the rate had fallen below the
1.1350 level and it was expected to continue its decline. Namely, the pair had no support as low as the weekly S1 at 1.1324.
On the other hand, the rate has already made a too sharp move downwards.
Due to that reason it might first consolidate the decline by trading sideways.