•The EUR/USD slipped below 1.1730 (23.6% retrace on April – Sep rise) in early trade and formed a bottom at 1.1716 (200- WMA). The decline could stretch toward 1.1685- 1.1660 (Aug.17 low).
•Negative sentiment stemming from political uncertainty in Eurozone weighs on the EUR. Technically pair is facing strong support at 1.1716 (200- WMA) and any convincing break below that level confirms minor weakness, a decline to 1.16600 likely.
•In the H4 chart, the 20 SMA has crossed below the 100 and 200 SMA, reflecting the strong selling momentum that would likely extend over the upcoming sessions, as long as selling interest contains the upward corrections in the 1.1822 region.
•Support: 1.1716, 1.1685- 1.1660, 1.1620-1.1600
•Resistance: 1.1790, 1.1822-30, 1.1880 [H4 200 SMA]
•Recommendation: Sell on rallies around 1.1800 with SL at 1.1840 and TP at 1.1750 & 1.1730.