After starting the new week on the back foot, EUR/USD managed to erase a large portion of its daily losses in the early American session as the declining US Treasury bond yields make it difficult for the greenback to outperform its rivals. The pair is currently closing in on 1.1300.
At the time of press, EUR/USD was testing the 100-period SMA on the four-hour chart around 1.1280. In case this level turns into resistance, the next static support is located at 1.1270 and the pair could extend its slide toward 1.1240 (static level).
In the meantime, the Relative Strength Index (RSI) indicator on the same chart declined below 50, confirming the view that sellers are looking to retain control of EUR/USD's action.
On the flip side, the initial hurdle is located at 1.1300 (psychological level, 50-period SMA) before 1.1330 (static level) and 1.1390 (200-period SMA).
