EUR/USD moves lower
Friday’s rally failed to push the pair beyond the 50-day simple moving average (SMA), $1.1208, with the price opening below this level this morning.
Any rally needs to clear this level to maintain momentum, but will also need to push rapidly on through the downtrend line off the April highs.
A close above $1.1250 would accomplish this. The 200-day SMA at $1.1168 is providing some support, while a drop down to Friday’s lows ($1.1104) would see the price hit the post-December 2015 trendline.