• The pair failed to move further north of the 1.1625/30 band so far this week. As the bullish attempt lost momentum, it prompted sellers to step in and drag spot back below the 1.1600 area.
• Today’s correction lower is flirting with the 100-hour SMA, while a break below this area on a more sustainable fashion could see 1.1530 tested once again, considered the latest defense of 2018 lows in the 1.1500 neighborhood. Resistance, instead, is seen in the 1.1620/50 band, where converge the 10- and 21-day SMA. This area is reinforced by the bottom of the previous pennant pattern and the bottom of the daily cloud.
• Broadly speaking, the offered bias is poised to persist as long as the 1.1745/50 band continues to cap.

EUR/USD daily chart

Daily high: 1.1620

Daily low: 1.1576

Support Levels

S1: 1.1579

S2: 1.1548

S3: 1.1523

Resistance Levels

R1: 1.1635

R2: 1.1660

R3: 1.1691