The American dollar advanced during the Asian session, although beyond against the JPY and the Aussie, held around Monday's close. The EUR/USD pair fell down to 1.0901 ahead of London opening, posting a shallow bounce afterwards but still looking weak. In the macroeconomic front, Germany released its March Industrial Production figures, which fell by less than expected, down by 0.4% from the previous month, edging up 1.9% when compared to a year before. The country's trade balance posted a surplus of €19.6B in the same month, shrinking from February €21.2B, although exports grew by 0.4%5, and imports by 2.4%. Once again, the US calendar will be light, with a couple of Fed's speakers taking center stage.

The technical outlook for the pair favors another leg lower, given that in the 4 hours chart, the price has remained contained by a major Fibonacci resistance at 1.0930, while the 20 SMA stands at 1.0970, providing a dynamic resistance. In the same chart, technical indicators stand within negative territory, although with limited bearish strength.

There's a short term ascendant trend line in the 1.0890 region, and a break below it should lead to a test of 1.0850, a strong static support from these last weeks. Below it 1.0820, the low post-French election is key, as further slides will confirm an interim top and see the pair extending its decline down to 1.0730.

A recovery above 1.0930 will take off some of the downward pressure, yet it will take an extension beyond the mentioned 1.0970 to see the pair recovering its upward strength.

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