• EUR/USD stays on the defensive and adds to Friday’s losses.
• Immediately to the upside emerges the weekly top at 1.1624.

EUR/USD extends the leg lower and recedes to the 1.1570 region at the beginning of the week.

While the weekly top at 1.1624 (October 14) caps the upside, then the door remains open to another visit to the YTD low at 1.1524 (October 12). If the pair manages to surpass 1.1624 and the monthly peak at 1.1640 (October 4), then the selling pressure is expected to mitigate somewhat.

In the meantime, the near-term outlook for EUR/USD is seen on the negative side below the key 200-day SMA, today at 1.1926.

EUR/USD daily chart