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  • EUR/USD has come under pressure after tops near 1.0990.
  • The door is now open for a move to 1.0814.

The weekly recovery in EUR/USD has run out of steam in the key barrier near 1.0990, sparking the ongoing corrective downside soon afterwards.

If sellers remain in control, the pair could slip back further and test the Fibo retracement (of the 2017-2018 rally) at 1.0814 ahead of the monthly low at 1.0768 (April 6th).

The negative stance on the pair is expected to remain unchanged below the 200-day SMA at 1.1054.

EUR/USD daily chart