EUR/USD trades in an inconclusive fashion below 1.0700

EUR/USD trades in an inconclusive fashion below the 1.0700 mark at the beginning of the week. If bears regain the initiative, they could initially drag the pair to the interim 55-day SMA, today at 1.0639. The loss of this region could open the door to a probable visit to the weekly low of 1.0495 (October 13) ahead of the 2023 bottom of 1.0448 (October 3). In the meantime, while below the 200-day SMA at 1.0800, the pair’s outlook should remain negative.

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