- EUR/USD pulls back to the below 1.0700 area on Tuesday.
- Further weakness could jeopardize the 1.0630 area.
The Euro-Dollar pair is again under bearish pressure and falls below the key support of 1.0700 on Tuesday’s reversal figure.
The pair remains under pressure and a continuation of the selling trend should prompt a probable test of the May low at 1.0635 (31 May) on the near term horizon. If the pair turns down from the 1.0600 support, it could open the door for a deeper decline to the March low of 1.0516 (March 15).
Further losses to the 2023 low at 1.0481 (Jan 6) would likely require a sharp deterioration in the outlook, which does not look favorable at the moment.
Longer-term, constructive view remains above the 200-day SMA at 1.0505 today.
EUR/USD daily chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
