• EUR/USD corrects lower and tumbles to 1.0270.
• Further upside is expected beyond 1.0370/80.

EUR/USD comes under pressure and breaks below 1.0300 after four daily gains in a row on Friday.

Despite the knee-jerk, the continuation of the uptrend looks favoured in the very short term. That said, the pair needs to clear the August high at 1.0368 (August 10) as well as the 6-month resistance line around 1.0380 to open the door to a probable move to the 100-day SMA, today at 1.0522.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0894.

EUR/USD daily chart