EUR/USD Price Analysis: Solid barrier emerges at 1.1100

EUR/USD remains on the defensive so far this week.
There is a tough resistance area near the 1.1100 mark.

Pablo Piovano FXStreet

EUR/USD faces increased selling pressure and breaks below the key support at 1.1000 the figure on Tuesday.

The inability of the pair to challenge/surpass the so far 2023 high at 1.1095 (April 26) carries the potential to spark a deeper corrective decline in the short-term horizon with the immediate targets at the monthly low at 1.0941 (may 2) and the weekly low at 1.0909 (April 17).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0440.

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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