EUR/USD to suffer additional losses towards the 1.0940 mark

EUR/USD stays on the back foot near 1.1000 early Friday and the pair is likely to extend its slide toward 1.0940 unless buyers manage to lift it back above 1.1040, FXStreet’s Eren Sengezer reports.

Next bearish target aligns at 1.0940

“EUR/USD was last seen testing 1.1000 (psychological level, Fibonacci 61.8% retracement of the latest downtrend, 50-period SMA on the four-hour chart). In case a four-hour candle closes below that level, additional losses toward 1.0940 (Fibonacci 23.6% retracement) and 1.0900 (psychological level) could be witnessed.”

“On the upside, 1.1040 (Fibonacci 50% retracement) aligns as the first resistance before 1.1100 (Fibonacci 61.8% retracement of the latest downtrend, psychological level) and 1.1120 (post-ECB high).”