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  • EUR/USD’s corrective downside tested the 1.1230/25 band on Monday.
  • Further south emerges the next interim hurdle at 1.1186.

EUR/USD is looking to stabilize above the 1.1200 mark against the backdrop of the recent move lower from monthly tops beyond 1.1400 the figure and from oversold levels.

If the selling pressure gathers extra traction, then the focus should shift to the Fibo retracement (of the 2017-2018 rally) at 1.1186, as the next target.

On the broader picture, the outlook on the pair is seen as constructive as long as the 200-day SMA, today at 1.1022, holds the downside. That said, the current downside is seen as corrective only for the time being.

EUR/USD daily chart

 

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