EURUSD Heavy Losses Expected Below 1.1300

The euro has opened the new trading week under downside pressure against the US dollar, with price edging closer to the current yearly trading low. The EURUSD pair risks heavy technical selling below the 1.1300 support level, as a number of large stop-losses orders are likely to be triggered. Only a strong move back above the 1.1400 resistance level can negate intraday bear pressures.

The EURUSD pair is strongly bearish while trading below the 1.1300 level, key technical support is found at the 1.1225 and 1.1130 levels.

If the EURUSD pair moves above the 1.1400 level, buyers may test the 1.1431 and 1.1500 resistance levels.