The EUR/USD pair has been under bearish pressures since the 3rd of May 2016, with the price falling from as high as 1.1615 to as low as 1.1380.
On Friday, the major tried to test the area above 1.1470, but failed to do so and ended the day at 1.1404. It is notable that despite the downbeat U.S. non-farm payrolls released on Friday, the dollar after weakening initially recovered most ground against the euro.
Today, the pair initially dropped lower to 1.1380, but subsequently rose to 1.1419 during the early European morning. In the event that the price breaks above 1.1443, the pair could rise up to 1.1470 and 1.1499 respectively.
Alternatively, in the scenario where the sellers manage to resume their activity and the price breaks below 1.1350, the pair could find support at 1.1320 and 1.1290 in extension.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.