– EUR/USD comes under pressure following Monday’s tops.
– Further decline could revisit the 1.0650 zone in the near term.
EUR/USD faces increasing selling pressure and returns to the sub-1.0700 region afer hitting new highs near 1.0750 at the beginning of the week.
In case the downward bias picks up extra pace, the pair could extend the pullback to the 55-day SMA near 1.0650, which is expected to provide temporary contention.
In the meantime, while below the 200-day SMA at 1.0804, the pair’s outlook should remain negative.
EUR/USD daily chart
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