EUR/USD Price Analysis: Further weakness could revisit 1.0600

EUR/USD Price Analysis: Further weakness could revisit 1.0600

Time Stamp: February 17, 2023 9:16 AM
Source Node: 1962506

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  • EUR/USD accelerates losses to the vicinity of the 1.0600 support.
  • A sustained loss of momentum exposes a visit to the 2023 low.

EUR/USD drops to multi-week lows in the 1.0610 region at the end of the week.

If the selling pressure gathers extra impulse, the pair could put the round level at 1.0600 to the test in the short term. The breach of this level could see a potential test of the YTD low at 1.0481 (January 6) emerge on the horizon.

So far, the bearish sentiment is expected to persist as long as the 3-month resistance line, today near 1.0880, caps the upside.

In the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0326.

EUR/USD daily chart

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