EUR/USD Technical Analysis: Spot struggled at the resistance short-term line around 1.1735

• The pair’s recent advance met quite a strong hurdle in the 1.1730 area, sparking the ongoing correction lower.
• Interim support is waiting near 1.1690, where lies the 21-day SMA. A break of this level should open the door to recent weekly lows near 1.1620 ahead of the more relevant 1.1575/70 band
• In addition, the base of the daily cloud is also a magnet for EUR-sellers.
• While the short-term resistance line caps, the pair’s outlook remains bearish. It needs to regain 1.1790 in order to reassert the upside pressure and allow for a potential test of the mid-1.1800s.

EUR/USD daily chart

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