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  • The EUR/USD pair faded an intraday bullish spike and quickly retreated around 40-45 pips from weekly tops to hit fresh session lows, around the 1.1070 region in the last hour.
  • The pair once again faced rejection near the 1.1110-15 supply zone and dropped back closer to the lower end of a broader trading range held over the past five trading sessions.

Given that the pair failed to capitalize on upbeat Euro-zone PMIs-led positive move, a subsequent breakthrough the mentioned trading range support – near the 1.1065 region – would pave the way for a further near-term depreciating move towards challenging the key 1.10 psychological mark.
Meanwhile, technical indicators on the daily chart maintained their bearish bias and have again started gaining negative momentum on hourly charts, which further reinforce the bearish outlook and clearly suggest that the near-term selling bias might still be far from being over.
On the flip side, any attempted bounce might still be seen as a selling opportunity and is likely to meet some fresh supply near 100-hour SMA – around the 1.1100 round figure mark, which should continue to cap the upside near the 1.1110-15 region – the top end of the mentioned trading range.

EUR/USD 1-hourly chart