EUR/USD Technical Analysis: Bearish view unchanged while below the resistance line at 1.1406
Our preference: short positions below 1.1400 with targets at 1.1375 & 1.1355 in extension.Alternative scenario: above 1.1400 look for further upside with 1.1420 & 1.1440 as targets
EUR/USD remains sidelined in the 1.1300 neighbourhood following last week’s drop to the 1.1280/70 band.
The pair came under downside pressure after last week’s up move failed to convince market participants above the key barrier at
1.1400 the figure, coincident with the 5-month resistance line.
Furthermore, the negative stance on the pair is expected to prevail as long as this resistance line caps the upside, today at 1.1406.