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EUR/USD Price Analysis: Rising bets for a move to 1.1700

FX Street
Updated:
  • EUR/USD adds to Friday’s losses and drops to the low-1.17s.
  • Further losses now target the 1.17 neighbourhood near-term.

EUR/USD closed Friday’s session within the negative territory as the move to fresh +2-year tops beyond 1.19 the figure lacked follow through.

The pair looks offered as it comes from overbought levels and the door is now open for a deeper retracement to, initially, the Fibo level (of the 2017-2018 rally) at 1.1709. Further south, the next support of relevance aligns near 1.15 (January peaks).

Looking at the broader picture, as long as the 200-day SMA, today at 1.1089, holds the downside, further gains in EUR/USD remains well on the table.

EUR/USD daily chart

 

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