EUR/USD staged a rebound during the European trading hours and climbed to a session high of 1.1230. With market participants adopting a cautious stance following the US decision to sanction the Russian central bank, the pair has retreated toward 1.1200.
The EUR/USD pair is hovering around Friday's close, maintaining its bearish stance in the daily chart. The pair keeps developing below all of its moving averages, while technical indicators head firmly lower within negative levels, reflecting sellers' strength.
The 4-hour chart shows that a bearish 20 SMA provided intraday resistance, as the pair retreated after testing it during London trading hours. The moving average remains far below the longer ones, a sign that bears retain control.
Technical indicators recovered from their intraday lows but remain within negative levels. A steeper decline could be expected on a break below 1.1160, the immediate support level.
Support levels: 1.1160 1.1120 1.1075
Resistance levels: 1.1210 1.1260 1.1305
