EUR/USD Price Analysis: Below 1.0707 comes 1.0635

  • EUR/USD puts the 1.0700 support to the test on Monday.
  • A drop below 1.0707 exposes a retracement to 1.0635.

EUR/USD keeps correcting lower and challneges the 1.0700 key level at the beginning of the week.

The downside momentum in the pair accelerated on Monday and the breach of the 1.0700 area could motivate EUR/USD to attempt an assault to the 2020 low at 1.0635 (March 23).

While below the 200-day SMA, today at 1.1404, the outlook for the pair is expected to remain negative.

EUR/USD daily chart