EUR/USD’s inability to capitalize on the attempted recovery move points to persistent selling bias at higher levels. The near-term bias remains tilted in favour of bearish traders, according to FXStreet’s analyst Haresh Menghani.
Key quotes
“Immediate support is pegged near the 1.0835-30 region and is followed by the 1.0800 round-figure mark. Failure to defend the mentioned handle might turn the pair vulnerable to slide further below weekly lows, around the 1.0770-65 region.”
“On the flip side, the 1.0900 mark now seems to act as an immediate resistance, above which a bout of short-covering has the potential to lift the EUR/USD pair further towards 50-day SMA hurdle, near the 1.0975 region.”
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