EUR/USD posts session lows with critical support seen at 1.1785

EUR/USD has fallen off the highs around 1.1850. The pair is trading at session lows near 1.1820 at press time, representing a 0.3% decline on the day. Yohay Elam, an Analyst at FXStreet, notes that critical support awaits at 1.1785.

Key quotes

“Euro/dollar set a lower high and momentum on the 4-hour chart has turned negative – both bearish signs. However, the currency pair is holding above the 50, 100, and 200 Simple Moving Averages.” 

“Critical support awaits at 1.1785, which was a low point on Friday and also where the 50 SMA hits the price. Further down, 1.1760 was a support line on the way up and it is followed by 1.1720 and 1.1685.” 

“EUR/USD is struggling with 1.1840, which provides support last week. The next level to watch on the upside is 1.1860, the daily high, followed by 1.1880, October's peak.”