EUR/USD Price Analysis: Decline could pick up pace below 1.0770

Market news

7 February 2023

EUR/USD Price Analysis: Decline could pick up pace below 1.0770

EUR/USD adds to the ongoing bearish move and drops below 1.0700.
Extra decline appears in the pipeline below the 1.0770 region.

EUR/USD remains well on the defensive and drops to new lows in the sub-1.0700 zone on Tuesday.

The pair has recently broken below the 3-month support line near 1.0770, and this now allows for the downtrend to gather extra impulse in the near term. Against that, the next interim support comes at the 55-day SMA at 1.0662, while the breach of this region could open the door to a deeper retracement to the 2023 low at 1.0481 (January 6).

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0319.

EUR/USD daily chart

Currencies. Daily history for Tuesday, February 7, 2023

Commodities. Daily history for Monday, February 6, 2023

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