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EUR/USD manages to reverse two consecutive daily pullbacks and rebounds from earlier new 2021 lows in levels just above 1.17 the figure.The renewed selling bias around the greenback allows the pair to reclaim some ground lost in past sessions and retake the 1.1740 area, as market participants adjust to the usual month/quarter-end flows.
EUR/USD meets some decent support in the 1.1700 neighbourhood so far this week. The strong pullback in the pair came along the persistent bid bias of the greenback, which has been undermining the constructive view in the pair in the past weeks.
From a technical perspective, any meaningful bounce might still be seen as a selling opportunity and remain capped near the mentioned confluence support breakpoint, around the 1.1760 zone which coincides with 61.8% retracement level
On the flip side, some follow-through selling below the 1.1700 mark now seems to accelerate the fall further towards the the 1.1620-15 region. This is closely followed by the 1.1600 mark, which if broken should pave the way for the continuation of the ongoing bearish trend. The pair might then aim to challenge the next relevant support near the key 1.1500 psychological mark
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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