EUR/USD has started the new week under bearish pressure. The pair faces interim support at 1.0940 and it could extend its slide once this level fails, FXStreet’s Eren Sengezer reports.

Euro to extend slide if buyers fail to defend 1.0940

“Investors will remain focused on US T-bond yields and the dollar should preserve its strength unless there is a risk rally in Wall Street.”

“EUR/USD is trading within a touching distance of 1.0940 (Fibonacci 23.6% retracement of the latest downtrend). In case a four-hour candle closes below that level, the next bearish target aligns at 1.09(psychological level, static level) ahead of 1.0850 (static level).”

“Strong resistance seems to have formed at 1.10(psychological level, Fibonacci 38.2% retracement, 100-period SMA, 20-period SMA) ahead of 1.1020 (50-period SMA) and 1.1040 (Fibonacci 50% retracement).”

See – EUR/USD: Scope for additional losses to the 1.09 level – OCBC