EUR/USD Technical Analysis: Further downside expected at the 1.1220/15 band

FX Street

Published date: 6 Jun. 2019 | 10:22

EUR/USD managed to break above the critical 1.1300 the figure on Wednesday, although the up move was short-lived, sparking a subsequent correction lower to the 1.1220 region.
Further downside should meet initial contention in the 1.1220 region, where emerge the 55-day SMA and a Fibo retracement of the 2019 drop.
In the meantime, the 2018-2019 resistance line and another Fibo retracement continues to cap the upside. Above this area, downside pressure should be alleviated.

EUR/USD daily chart

FX Street

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