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EUR/USD eases lower, with downside bias as 1.1497 holds

Traders are watching 1.1497 resistance, with the analysis pointing to a potential push toward the 1.1323 low if selling continues.

Reported · Written up by our desk · Major Pairs

EUR/USD is extending its decline from around 1.1710, with intraday bias remaining tilted to the downside, according to Action Forex.

The outlet said deeper weakness could lead to a move toward the 1.1323 low, but that the bearish outlook would stay in place as long as 1.1497 continues to act as resistance on any recovery attempts.

Looking at the broader technical picture, Action Forex noted that a 38.2% retracement level from 1.0176 to 1.2081 at 1.1353 remains intact, and it described the current price action from 1.2081 as part of a corrective pattern within a larger uptrend.

Action Forex added that a sustained break of 1.1353 would increase the odds of a medium-term trend reversal.

Latest closeEUR/USD 1.138 ▼0.6%

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