EURUSD MOVES BELOW MAJOR SUPPORT

The EURUSD has started the week on the back foot, trading below the 1.1172 level, which had been acting as strong support for much of last week. The pair has so far traded as low as 1.1160, with 1.1148 the next major downside support level to watch.

With a number of countries observing Bank Holiday's, trading conditions have so far been relatively slow, with full volume expected to return tomorrow and Wednesday. However the EURUSD pair is currently approaching some decisive technical levels, that will dictate directional trading ahead of Friday's Nonfarm payrolls job report.

Short term indicators continue to show the pair is increasing bearish, trading below 20,50 and 100 period moving averages, with selling momentum accelerating below the 1.1172 level.

Further daily losses towards 1.1148 and 1.1130 support zones are expected whilst trading below 1.1172 resistance.

Medium term indicators suggest further selling is expected whilst the pair trades below H1 topside moving average resistance  located at 1.1204, which also coincides with the weekly pivot point for the EURUSD, also calculated at 1.1204.