EUR/USD remains under bearish pressure in the American session on Monday, trading at its lowest level in two weeks slightly below 1.1300. US Markit Manufacturing and Services PMIs missed market expectations by a wide margin in early January. The S&P 500 Index is down nearly 2% after the opening bell.

Unless the pair rises above 1.1300 (psychological level) and manages to hold there, additional losses toward 1.1270 (static level) could be witnessed. Below that level, 1.1250 (static level) aligns as the next support before 1.1230 (static level).

Although the bearish bias stays intact in the near term as the pair trades below the descending trend line, it could make a correction before the next leg lower with the Relative Strength Index (RSI) indicator staying near 30.

On the upside, the 200-period SMA forms a dynamic resistance near 1.1330 before 1.1350 (100-period SMA, the Fibonacci 61.8% retracement of the latest uptrend).