EUR/USD Price Analysis: Immediate resistance turns up at 1.0700

• EUR/USD abandons the area of monthly highs near 1.0700.
• The 1.0700 zone appears reinforced by the 55-day SMA.

EUR/USD sparked a meaningful corrective decline after hitting monthly highs just below the 1.0700 barrier earlier on Tuesday.

In case bulls regain the upper hand, the pair is expected to dispute the October high at 1.0694 (October 12), which is propped up by the transitory 55-day SMA at 1.0702 and comes ahead of the weekly peak at 1.0736 (September 20).

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA at 1.0816.

EUR/USD daily chart