EUR/USD Technical Analysis: Further weakness should see 1.1508 re-tested

• EUR/USD is down for yet another session amidst a continuation of the rally in the buck, all sustained by escalating trade concerns and prospects of further tightening by the Federal Reserve.
• Spot is so far flirting with the 21-day SMA in the mid-1.1500s, trading closer to the key 1.1500 area.
• While the 1.1508 level holds, a test of the 1.1745/50 band still remains on the cards.
• However, the loss of the 1.1500 neighbourhood should trigger a potential visit to YTD lows in sub-1.1300 levels.

EUR/USD daily chart

Daily high: 1.1565

Daily low: 1.1525

Support Levels

S1: 1.1519

S2: 1.1485

S3: 1.1420

Resistance Levels

R1: 1.1619

R2: 1.1684

R3: 1.1718