The Euro/Dollar four-hour chart is showing that EUR/USD is setting lower lows, forming a downtrend, as FXStreet’s analyst Yohay Elam notes.
Key quotes
“The EUR/USD pair has dropped below the 100 and 200 Simple Moving Averages and is fighting to hold onto the 50 SMA. Momentum remains to the downside.”
“Support awaits at 1.09, a round number that provided support on Wednesday. It is followed by 1.0840, a temporary cap from last week.”
“Resistance is at 1.0970, which is the daily high, and it is followed by 1.10, where the 200 SMA hits the price.”
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