EUR/USD: Next key technical support aligns at 1.1350

EUR/USD has dropped below 1.1400 on renewed dollar strength. As FXStreet’s Eren Sengezer notes, the next bearish target aligns at 1.1350.

1.1400 is the immediate resistance 

“As long as sellers continue to defend 1.1400 (psychological level, Fibonacci 23.6% of the latest uptrend), EUR/USD could extend its slide toward 1.1350 (200-period SMA on the four-hour chart, Fibonacci 38.2% retracement). Below that level, 1.1320 (100-period SMA) aligns as the next support before 1.1300 (psychological level, Fibonacci 50% retracement).”

“1.1400 is the immediate resistance before 1.1420 (20-period SMA) and 1.1480 (static level).”

See: EUR/USD to slump toward 1.1310 on a tough day for risk assets – ING