With EUR/USD technicals favouring additional declines, a move below 1.1290 might result in a re-test of 1.1250 and even 1.1200/20 levels, according to Valeria Bednarik, Chief Analyst at FXStreet.
“The EUR/USD pair is pressuring the 1.1300 level, and the technical picture favors additional declines, as the price is breaking below its 20 SMA, whist the technical indicators have turned lower: the Momentum indicator is nearing the 100 level, but the RSI indicator has already broke below 50, and heads strongly south, anticipating additional declines.”
“The immediate support comes at 1.1290, with a downward acceleration below it favoring a retest of 1.1250, in route to the 1.1200/20 price zone.”
“To the upside, 1.1340 is the level to watch, as above it, the pair may recover up to 1.1385, a strong static resistance level.”
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