EURUSD Technical Outlook (Daily)
EURUSD: The single currency advanced modestly Vs the Buck Monday. Many European markets were close due to the Whit Monday holiday, leading to limited price action during the London session, situation that extended into the US one.
Tuesday the US will release its April inflation figures, expected to advance due to higher gasoline prices. The country will also release some housing data for the same month, also expected to have improved from March figures. If that is the case, the Buck could extend its last week rally, as Monday pullback was shallow.
The technical setup for the EURUSD pair continues favoring the Southside, given that the price remained well below former lows in the 1.1370 region, and in the 4 hours, the technical indicators have resumed their declines within negative territory, after correcting the oversold conditions reached last Friday.
In that same frame, the 20-Day SMA has extended its decline below the 100 and 200-Day SMAs, all of them above the current mark, indicating selling interest is strong. A clear break through 1.1280, 1st support, may lead to a test of the 1.1240/60 area, South to 1.1200.
Support marks: 1.1280 1.1240 1.1200
Resistance marks: 1.1340 1.1370 1.1410
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