EUR/USD: 1.1200 is the fading point - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair fell briefly below the 1.1100 figure, printing 1.1097 before bouncing some, to end the day up in the 1.1135 region.

Key Quotes:

"The upward movement was enough to erase the extreme oversold conditions reached in the short term, but overall, the bearish trend prevails, given that in the 4 hours chart, the price develops below its 20 SMA, whilst the technical indicators head south, with limited strength due to the absence of volume, within negative territory."

"The most relevant support continues being the 1.1080 level, where the 200 DMA converges with a daily ascendant trend line coming from November 2015 low, and a break below it should lead to further declines towards the 1.1000 region. Advances up to 1.1200, will likely be seen as selling opportunities by speculative interest."