EUR/USD: Drop below 1.1400 could cause buyers to move to the sidelines

EUR/USD has started to edge lower following last week's impressive rally. As long as buyers continue to defend 1.1400, however, the pair is poised for additional gains, according to FXStreet’s Eren Sengezer.

Bullish bias intact as long as 1.1400 support holds

“On the downside, 1.1400 (Fibonacci 23.6% of the latest uptrend, psychological level) aligns as first support. In case this level turns into resistance, additional losses toward 1.1350 (Fibonacci 38.2% retracement) and 1.1320 (200-period SMA) could be witnessed.” 

“Resistances are located at 1.1480 (static level), 1.1500 (psychological level, static level) and 1.1550 (static level).”

See: EUR/USD to drift back to the 1.1380 area – ING