- EUR/USD recedes further and tests the 1.1780 region on Tuesday.
- The next support of relevance emerges in the 1.1700 neighbourhood.
The bullish attempt in EUR/USD met a tough barrier around 1.1830 last Friday. The subsequent knee-jerk carries the potential to extend further in the short-term horizon.
That said, extra losses could see the 1.1700 zone re-visited, where sit a Fibo level and the immediate short-term support line. A move to the September lows near 1.1600 is out of favour for the time being.
Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1270.
EUR/USD daily chart