EUR/USD: selling interest strong, technically bearish - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained the technical setup for the EUR/USD pair continues favoring the downside.

Key Quotes:

"Given that the price remained well below former lows in the 1.1370 region, and in the 4 hours chart, the technical indicators have resumed their declines within negative territory, after correcting the oversold conditions reached last Friday."

"In the same chart, the 20 SMA has extended its decline further below the 100 and 200 SMAs, all of them above the current level, indicating selling interest is still strong. A break through 1.1280, the immediate support, may lead to a test of the 1.1240/60 region, en route to the 1.1200 figure."