Technical Analysis: EURUSD sellers are up for a big move downwards to sub-1.1550 area

Despite declining for the last three consecutive days to refresh two-month low, EURUSD bears are yet to enjoy as a sustained break of a six-month-old ascending trend line and 50-day EMA suggest the major currency pair's further weakness. While March high near 1.1500 becomes the strong support, a 100-day EMA level around 1.1540 is likely offering as a filter during the south-run. It's worth mentioning that a few of the intraday traders might take rest near the 1.1600 psychological magnet whereas the June month's peak close to 1.1420 may entertain the bears below 1.1500.

Alternatively, a daily closing beyond the 50-day EMA level of 1.1718 becomes necessary to attack the support-turned-resistance trend line, currently around 1.1800. However, the bulls are less likely to be convinced unless successfully crossing the 1.1900 round-figures that have the key to the pair's further rise towards the monthly peak of 1.2010.

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