- EUR/USD reverses initial optimism and returns to 1.0720.
- The resistance line around 1.0790 caps the upside so far.
The EUR/USD It is now trading slightly on the defensive, although it manages well to hold above 1.0700 on Monday.
The breakout of the 3-month resistance line today around 1.0765 should ease the downside pressure and allow a likely move towards the May high at 1.0786 (30 May). Further up is the weekly high at 1.0936 (April 21).
In the long term, the bearish view of the pair is expected to prevail as long as it trades below the 200-day SMA at 1.1226.
EUR/USD daily chart
Technical levels
Source: Fx Street
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