EUR/USD: Bulls remained on the defensive

The EUR/USD pair’s inability to find acceptance above 50-day SMA and a subsequent slide to the lower end of its weekly trading range points to the emergence of some fresh selling pressure, FXStreet’s analyst Haresh Menghani briefs.

Key quotes

“Some follow-through weakness below a 3-1/2 week ascending trend-line support, currently near the 1.0865-60 region, will reaffirm the bearish bias and set the stage for a fall back towards the 1.0800 mark.” 

“On the flip side, the 1.0900 mark now seems to act as immediate resistance and is followed by the 1.0935-40 supply zone. A sustained strength above the mentioned resistance levels now seems to assist the pair to make a fresh attempt towards reclaiming the 1.10 round-figure mark.”