EURUSD has dropped below key support area early Wednesday. Technical outlook points to additional losses in the near term. Sellers could move to the sidelines if the pair reclaims 1.1300 and holds there. Forex FX Trading
In the absence of high-tier macroeconomic data releases and fundamental drivers, the dollar's market valuation continues to impact EUR/USD's movements. Reflecting the renewed greenback strength, the US Dollar Index is rising for the second straight day on Wednesday.
On the upside, the 200-period and the 100-period SMAs form strong resistance at 1.1300. In case the pair rises above this level and starts using that as support, it could egde higher toward the upper limit of the two-week-old range at 1.1340. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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