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  • The pair moved lower to the proximity of the 1.1100 neighbourhood on Friday, recording at the same time fresh YTD lows.
  • The ongoing correction higher is considered as corrective only and the prospect on the pair should remain bearish as long as it trades below the multi-month resistance line, today at 1.1334. This hurdle is reinforced by so far monthly tops and the proximity of the 100-day SMA. Spot needs to overcome this hurdle in order to alleviate the downside pressure.
  • On the resumption of the down move, there are no relevant support levels until de 1.0840 region (May 2017 lows).

EUR/USD daily chart