EUR/USD technical analysis: Euro breaks to fresh monthly lows, sub-1.1200

• EUR/USD finally broke below the 1.1200 support level.
• The levels to beat for bears are seen at 1.1165 followed by 1.1100.

EUR/USD daily chart

 
EUR/USD is in a bear trend below its main daily simple moving averages (DSMAs). Investors are pricing in further easing measures from the European Central Bank, later on this week. On the other hand market players are expecting the US Federal Reserve to cut rates by only 25bps by the end of the month.

EUR/USD 4-hour chart

 
Sellers broke below the 1.1200 support as they are reaching 1.1165 support area. A break below the level can lead to 1.1100 and 1.1065 to the downside, according to the Technical Confluences Indicator. 

EUR/USD 30-minute chart

The market is trading below its main SMAs suggesting bearish momentum in the near term. EUR/USD could find immediate resistance at 1.1174, 1.1188 and potentially 1.1200, according to the Technical Confluences Indicator.

Additional key levels