EUR/USD: Correction to extend on failure to hold above 1.1400

EUR/USD is moving sideways in a narrow band above 1.1400. According to FXStreet’s Eren Sengezer, the correction could extend with a drop below 1.1400.

Initial resistance seen at 1.1430

“The first support aligns at 1.1400 (ascending trend line, psychological level). In case a four-hour candle closes below that level, the correction could extend toward 1.1380 (static level) and 1.1350 (100-period SMA).”

“Resistances are located at 1.1430 (20-period SMA), 1.1450 (static level) and 1.1480 (two-month high set last week).”