EUR/USD Price Analysis: A move to 1.0777 gathers traction

EUR/USD’s recovery seems to have met a tough barrier near 1.1150.
A breach of 1.0990 should open the door to further downside.

Pablo Piovano FXStreet

EUR/USD is prolonging the downside momentum following the recent breakdown of the key support at the 1.1000 neighbourhood, where also coincide the 55-day SMA and the January’s low.

If sellers keep dominating the market, then another test of the Fibo retracement (of the 2017-2018 rally) should not be ruled out in the short-term horizon, exposing at the same time a move to the yearly low at 1.0777.

The selling pressure is expected to mitigate above the 200-day SMA and recent tops in the mid-1.1100s its.

EUR/USD daily chart

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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