EURUSD is tumbling below the 1.1200 psychological level, reaching a new three-week low. The price pulled back off the simple moving averages (SMAs) creating a strong selling interest. The RSI indicator is reaching the oversold territory, while the MACD is strengthening its negative momentum below its trigger and zero lines.
If the price plunges further, the next stop could be around the 20-month low of 1.1120. Steeper decreases in the market could meet the inside swing high of April 2020 at 1.1016.
On the other side, a recovery to the upside could hit the 1.1280 resistance ahead of the 20-period SMA at 1.1308. More bullish actions could find the next barrier at the 40- and 200-period SMAs at 1.1333 and 1.1343 correspondingly.
All in all, EURUSD is posting a strong negative move in the short-term and this outlook may change only if there is a significant jump above the 200-period SMA. Â
