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Short-term support line holds lows for now

  • EUR / USD is in containment just below 1.17 so far this week.
  • The next down is the September low near 1.1600.

EUR / USD remains under pressure, although it has managed well so far to keep the euro contained around 1.1690, where the immediate support line is located (from 2020 highs beyond 1.20).

Corrective weakness could have more sections to go, and therefore a deeper pullback should not yet be ruled out. Furthermore, if sellers remain in control, a move towards September lows at the 1.1610 zone could start to gain some traction. Lower down awaits the level of 1.15 (March high), although a move towards this area would necessitate a significant deterioration in fundamentals around the European currency, which seems not to be the case for now.

Looking at a broader perspective, the bullish view for EUR / USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1279.

EUR / USD day chart

EURUSD

Credits: Forex Street

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