EUR/USD to suffer additional losses unless buyers continue to defend 1.0150

EUR/USD has declined to its lowest level in nearly two weeks below 1.0140 but managed to stage a rebound. Additional losses are likely if 1.0150 is confirmed as resistance, FXStreet’s Eren Sengezer reports.

EUR/USD could suffer further losses in case 1.0150 support fails

“Later in the session, ZEW Survey for the euro area and Germany will be looked upon for fresh impetus. In case these figures fall short of market expectation, EUR/USD is likely to stay under bearish pressure with investors refraining from betting on a potential euro recovery.”

“1.0150 (Fibonacci 23.6% retracement of the latest downtrend) aligns as first support. In case the pair falls below that level and starts using it as resistance, it could continue to fall toward 1.0100 (static level, psychological level) and 1.0050 (static level).”

“On the upside, 1.0200/1.0210 (200-period SMA, 100-period SMA) forms the first resistance area before 1.0230 (Fibonacci 38.2% retracement) and 1.0300 (Fibonacci 50% retracement).”