More falls are still within the possibilities

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  • EUR / USD struggles to find direction near the 2021 lows.
  • A drop below 1.1432 exposes a move to 1.1422 in the near term.

EUR / USD remains under heavy pressure and is looking to regain some composure at the 1.1440 zone earlier in the week.

The continuation of the downtrend seems favored on the short-term horizon. Faced with this, and if the pair clears the current year’s low at 1.1432, the focus of attention is expected to shift to the June 2020 high at 1.1422 (June 10).

Meanwhile, more losses remain within the possibilities as long as the pair trades below the immediate resistance line (from the September high) today near 1.1620. Long-term, the negative outlook persists as long as it remains below the 200-day SMA, today at 1.1874.

EUR / USD day chart

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