eur-bank-notes-magnifying-glass - EUR
  • EUR/USD extends losses from Friday close
  • 1.17 now under threat

EUR/USD continues its weakness after failing to hold on to 2-year highs of 1.19 on Friday.

The pair had sold-off from overbought levels on last week and now looks poised for a further retracement to 1.1709 – the Fibonacci support level of 2017-2018 rally. If it fails to hold on to that support, then the next important support is at 1.15 based on January highs.

Nevertheless, the broad picture of the continued uptrend in EUR/USD is well on the table as long as the 200-day SMA holds – now at 1.1089.