EUR/USD Technical Analysis: Further decline to 1.1312 not ruled out

• The recent decline in EUR/USD appears to have found decent contention in the 200-week SMA around 1.1360 for the time being.
• The pair remains under pressure as the situation around Turkey and the Lira stays far from clear, while the US-Turkey verbal escalation has been also weighing on sentiment.
• A quick view to the daily chart notes the pair is attempting to stabilize in the lower bound of the recent range below 1.1400 the figure, although extra pullbacks are not ruled out and could test July 2017 low at 1.1312 in the near term.
• Occasional bullish attempts are expected to meet interim resistance at 1.1531 (10-day SMA) and 1.1608 (21-day SMA), all ahead of recent tops in the 1.1630 region.
• In the meantime, the pair’s outlook remains negative while below the 1.1745/50 band.

EUR/USD daily chart

Daily high: 1.1430

Daily low: 1.1379

Support Levels

S1: 1.1372

S2: 1.1335

S3: 1.1304

Resistance Levels

R1: 1.1441

R2: 1.1471

R3: 1.1509