EUR/USD eyes 1.0570 as the next bearish target

EUR/USD has extended its slide to fresh multi-year lows. As FXStreet’s Eren Sengezer notes, the next line of defense forms at 1.0570.

1.0570 aligns as the next critical support

“Investors might remain reluctant to bet on a risk rally amid escalating geopolitical tensions and renewed fears over a global economic slowdown, not allowing EUR/USD to stage a convincing recovery.”

“In case the pair makes a four-hour close below the 1.06 level, it could target 1.0570 (static level) and 1.0525 (Mar. 9, 2017, low).”

“On the upside, 1.0640 (former support, static level) aligns as the first resistance before 1.0660 (descending trend line) and 1.0700 (psychological level).”