The EUR/USD pair extended its weekly decline down to 1.1358 this Tuesday, holding around 1.1370 ahead of the US opening. European equities opened strongly higher, but erased most of their intraday gains, barely holding in the green at the time being, with commodities having pared losses, but still near their weekly lows. The lack of macroeconomic news in the EU and a lackluster calendar in America will likely keep the intraday range for the EUR/USD pair limited.
Technically, the 1 hour chart shows that the price remains below a bearish 20 SMA, whilst the technical indicators have turned slightly higher, but remain below their mid-lines, indicating a limited upward strength at the time being. In the 4 hours chart, the technical outlook is increasingly bearish, given that the pair has been rejected from a sharply bearish 20 SMA, whilst the technical indicators consolidate below their mid-lines.
Support levels: 1.1335 1.1290 1.1250
Resistance levels: 1.1420 1.1460 1.1500