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  • EUR/USD is losing steam while correcting down from the 2020 tops.
  • A deeper correction down cannot be ruled out.
 

EUR/USD daily chart 

 
EUR/USD is currently retracing and erasing last Friday’s surge while spanning about 200 pips in a single session, which is rather unusual.
 

EUR/USD four-hour chart

 
EUR/USD is retracing down from the 2020 highs while trading well above its main SMAs. Bulls probably see this as a buying opportunity and the market might find some support near the 1.1288, 1.1230 and 1.1171 levels according to the Technical Confluences Indicator. On the flip side, resistance is seen near 1.1360, 1.1418 and 1.1441 levels.  
 
 
Resistance: 1.1360, 1.1418, 1.1441
Support: 1.1288, 1.1230, 1.1171
 

Additional key levels

 

Expert score

5

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