- The EUR/USD pair is falling for the fifth day in a row and shows no signals of a bottom. If it manages to hold above 1.1530 on a closing basis, it could look for some stabilization ahead, within the previous trading range 1.1520/1.1720.
- A consolidation under 1.1520 would signal another test to 1.1500. A daily close under 1.1520 would expose the next strong support seen at 1.1460.
- The technical outlook is biased to the downside, with price holding below key moving averages in the daily chart that have started to point south.
- A recovery of the euro is likely to face resistance around 1.1600; a recovery on top of 1.1650 could open the doors for a test of 1.1720.
- In the very short-term, the recovery from lows has lost strength and the euro looks set to slide ahead of the Asian session.
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Daily high: 1.1579
Daily low: 1.1503
Support Levels
S1: 1.1520
S2: 1.1500
S3: 1.1460
Resistance Levels
R1: 1.1565
R2: 1.1605
R3: 1.1625
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