EUR/USD Technical Analysis: Further downside seen testing 1.1527 ahead of 1.1508

• The bearish note remains unchanged around the European currency at the beginning of the week, extending the leg lower to the mid01.1500s.
• EUR/USD broke below the pennant pattern last week, opening the door for a continuation of the march south with initial target at 1.1527 (low June 27).
• A breakdown of 1.1527 should pave the way for another visit to the key contention area just above 1.1500 the figure (low June 21/May 29).
• In the broader picture, the pair’s stance remain offered while below the 1.1745/50 band.

EUR/USD daily chart

Daily high: 1.1572

Daily low: 1.1549

Support Levels

S1: 1.1548

S2: 1.1529

S3: 1.1498

Resistance Levels

R1: 1.1599

R2: 1.1631

R3: 1.1650