EUR/USD turned south and extended its slide after breaking below 1.1200 in the European early session. The shared currency is having a difficult time finding demand with investors turning cautious on the latest headlines surrounding the Russia-Ukraine war. The US economic docket will feature ISM Manufacturing PMI data later in the day.
The EUR/USD pair is firmly down on a daily basis and poised to extend its slump. The pair keeps developing well below all of its moving averages, with the 20 SMA grinding lower below the longer ones. Technical indicators accelerated their slide within negative levels, currently approaching oversold readings.
The 4-hour chart shows that a firmly bearish 20 SMA continues to provide dynamic intraday resistance, as sellers rejected advances around it multiple times in the last two days. At the same time, technical indicators turned lower, heading firmly south within negative levels. The pair has room to test the 1.1000 region on a break below the aforementioned yearly low.
Support levels: 1.1120 1.1075 1.1030
Resistance levels: 1.1210 1.1260 1.1305
