EUR/USD Price Analysis: Immediate resistance becomes 1.0700

• EUR/USD abandons the area of monthly highs near 1.0700.

• The 1.0700 zone appears reinforced by the 55-day SMA.

EUR/USD has sparked a meaningful corrective decline after hitting a monthly high just below the 1.0700 barrier earlier on Tuesday.

If the bulls turn higher again, the pair is expected to contest the October high at 1.0694 (Oct 12), triggered by the transitory 55-day SMA at 1.0702 and ahead of the weekly high at 1.0736 (Sept 20). .

Meanwhile, further losses remain on the table as long as the pair navigates the area below the key 200-day SMA at 1.0816.

EUR/USD daily chart