- The EUR / USD reaches new lows for this year in the area of 1.1760.
- The 200 day average near 1.1860 is now emerging as resistance.
The EUR / USD weekly decline appears to have found decent support at the 1.1760 area, coinciding with a Fibonacci level (from the November to January rally).
The recent breakout of the 200-day SMA (1.1854) allows sellers to keep a good grip on sentiment around the European currency, increasing the likelihood of further losses on the short-term horizon.
Below the recent 2021 lows around 1.1760, there are no relevant support levels until the November 2020 lows in the 1.1600 zone.
As long as EUR / USD is below the 200 SMA, the short-term stance is expected to remain negative.
EUR / USD day chart
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