- The EUR/USD pair failed to hold on top of 1.1600 today, after being rejected from above 1.1700 last week and is about to post the fourth consecutive decline.
- The bearish momentum remains strong and the euro is likely to extend losses while under 1.1605 (downtrend line).
- On a wider perspective, EUR/USD is back into the previous trading range and a test of the lower bottom at 1.1520/30 is on the cards. A break lower could clear the way to more losses.
EUR/USD 15-minute chart
Daily high: 1.1625
Daily low: 1.1563