The EUR/USD pair opens with a modest bearish gap opening on the first day of a new week and snaps a three-day winning streak to the 1.0600 neighbourho
EUR/USD retreats from over a one-week high amid reviving demand for the safe-haven USD. The technical setup still favours bearish traders and supports prospects for a further decline. Any strength beyond 1.0600 is likely to remain capped near the ascending channel barrier. od, or over a one-week high touched on Friday. Spot prices remain depressed through the Asian session and currently trade around the 1.0550 area or the daily low.
0500 psychological mark, however, could act as immediate support and help limit the downside for spot prices. A convincing break below the said handle will reaffirm the bearish outlook and make the EUR/USD pair vulnerable to retesting the YTD low, around the 1.0450-1.0445 region touched last week. The downward trajectory could get extended further towards challenging the ascending channel support, currently pegged around the 1.0400 mark.
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