- EUR/USD reverses the positive start of the session on Tuesday.
- Further gains appear capped initially by the 55-day SMA near 1.0615.
The EUR/USD stepped back part of the recent two-day advance and fell rapidly to 1.0550 on Tuesday.
In the very short term, occasional bullish attempts need to break above the 55-day SMA near 1.0615, which also coincides with the weekly highs. If broken, the next hurdle to watch is the 4-month line near 1.0660. The pair is expected to see its downside pressure eased if it closes above the latter, with the next target being June’s high of 1.0773 and May’s high of 1.0786.
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 1.1125.
EUR/USD daily chart
Technical levels
Source: Fx Street
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