EUR/USD has started the new week on the back foot. As FXStreet’s Eren Sengezer notes, sellers are set to remain in control as long as 1.0520 resistance holds.

Four-hour close below 1.0460 could open the door for further losses

“In case the pair manages to stage a technical correction, it could find it difficult to reclaim 1.0520, where the Fibonacci 61.8% retracement of the latest uptrend is located. As long as this level stays intact, sellers are likely to stay in control.”

“On the downside, 1.0460 (static level) aligns as first support. With a four-hour close below that level, additional losses toward 1.04 (psychological level) and 1.0370 (static level) could be witnessed.”

“In case buyers lift the euro back above 1.0520, 1.0570 (Fibonacci 50% retracement) and 1.06 (psychological level, 200-period SMA) could be seen as next resistances.”