EUR/USD Technical Analysis: Room for a deeper retracement. Targets monthly lows near 1.1130

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  • The pair is struggling to defend the 1.1200 area following the recent pick up in the selling pressure.
  • The key resistance area in the 1.1260/70 band – where coincide recent tops and the 55-day SMA – continues to cap the upside and if it is not cleared in the near term, sellers are likely to return to the markets.
  • In the broader picture, EUR/USD stays offered below the key multi-month resistance line at 1.1299. That said, the door for another visit to 2019 lows in the 1.1100 neighbourhood remains well open.

EUR/USD daily chart

 

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