EUR/USD Price Analysis: Extra losses seen below 1.1370
|- EUR/USD sheds ground for the third session in a row on Tuesday.
- Key contention emerges at the 4-month line near 1.1370.
EUR/USD extends the bearish move sparked soon after hitting new 2022 highs in the 1.1480/85 band earlier in the month.
The bias appears tilted to the downside for the time being. That said, a deeper decline remains on the cards if spot breaches the 4-month support line, today around 1.1370. On such an event, the next support should emerge at the temporary 55-day SMA at 1.1347.
The longer term negative outlook for EUR/USD is seen unchanged while below the key 200-day SMA at 1.1725.
EUR/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.