- EUR/USD adds to Monday’s weakness and retreats to 1.1400.
- The 5-month support line emerges around 1.1400.
EUR/USD accelerates the weekly leg lower and puts the 1.1400 yardstick to the test on Tuesday.
If the pair break below the 5-month line around the 1.1400 zone it could allow for the selling pressure to pick up pace and attempt a move to the temporary contention at the 55-day SMA at 1.1315. The breach of the latter exposes another visit to the 2022 low near 1.1120 (January 28).
While above this 5-month line, further upside in the pair remains likely in the near term at least. In the longer run, the negative outlook remains in place while below the key 200-day SMA at 1.1670.
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