EUR/USD has come under modest bearish pressure early Wednesday and dropped below 1.1300 for the first time in a week. As FXStreet’s Eren Sengezer notes, the technical outlook points to additional losses in the near-term.

Sellers could move to the sidelines if EUR/USD reclaims 1.1300 and holds there

“The Relative Strength Index (RSI) indicator on the four-hour chart dropped below 50, confirming the view that sellers are starting to dominate the pair's action. The next target on the downside is located at 1.1260 (static level) ahead of 1.1240 (static level).”

“On the upside, the 200-period and the 100-period SMAs form strong resistance at 1.1300. In case the pair rises above this level and starts using that as support, it could edge higher toward the upper limit of the two-week-old range at 1.1340.”