- EUR / USD resumes bearish rallies and breaks below 1.1300.
- Another visit to this year’s low at 1.1263 appears to be in the works.
EUR / USD is trading well on the defensive, retesting the 1.1300 mark at the end of the week.
The continuation of the downtrend seems favored on the short-term horizon. That said, the stakes are still on the rise for another test to the 2021 low at 1.1263 (Nov 17 low). Losing this area could drag the pair to the round level of 1.1200 before the July 2020 low at 1.1185 ahead of 1.1168 (June 19, 2020 low).
Meanwhile, further losses remain within the possibilities as long as the pair trades below the immediate resistance line (from the September high) today near 1.1600. Long-term, the negative outlook persists as long as EUR / USD remains below the 200-day SMA, today at 1.1857.
EUR / USD day chart
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