EUR/USD Monday's 4-hour chart is showing that bears are gaining ground and the next support is seen at the 1.1225 daily low, Yohay Elam, an analyst at FXStreet, reports.

Key quotes

“The 4-hour chart is showing that after falling off the uptrend channel, EUR/USD is setting lower lows and lower highs – a bearish trend. The currency pair dropped below the 50 Simple Moving Average and momentum turned negative. On the other hand, it is still holding well above 100 and 200 SMAs.”

“Support awaits at the daily low of 1.1225, followed by 1.1150, a stepping stone on the way up. The next levels to watch are 1.1080 and 1.1040.” 

“Resistance is at the daily high of 1.1270, followed by 1.1340 was a temporary high on Friday, and it is followed by 1.1380 and 1.1425.”