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Persistent weakness could visit the 55-day SMA

  • EUR/USD prolongs the negative price action below the 200day SMA.
  • Below the 55-day SMA at 1.1093 the selling bias should re-emerge.

EUR/USD trades on the defensive for the second session in a row. Losses are expected to pick up pace following the breakdown of the 200-day SMA in the 1.1140 region.

The bullish move that started in early December appears to have lost momentum, leaving an interim top in the vicinity of 1.1240 (December 31st) for the time being.

Further downside should now allow a visit to the 55-day SMA in sub-1.1100 levels, reinstalling at the same time the bearish view in the par.

EUR/USD daily chart

 

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