EUR/USD Price Analysis: Strong contention remains at 1.1700

  • EUR/USD recedes further and tests the 1.1780 region on Tuesday.
  • The next support of relevance emerges in the 1.1700 neighbourhood.

The bullish attempt in EUR/USD met a tough barrier around 1.1830 last Friday. The subsequent knee-jerk carries the potential to extend further in the short-term horizon.

That said, extra losses could see the 1.1700 zone re-visited, where sit a Fibo level and the immediate short-term support line. A move to the September lows near 1.1600 is out of favour for the time being.

Looking at the broader scenario, the bullish view on EUR/USD is expected to remain unchanged as long as the pair trades above the critical 200-day SMA, today at 1.1270.

EUR/USD daily chart

 

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