Home EUR/USD: Another massive crash is likely
FXStreet News

EUR/USD: Another massive crash is likely

EUR/USD’s 100-pip rise from the lows seems like another ‘dead cat bounce’ as volatility remains elevated. Friday’s four-hour chart is pointing to a resumption of the downturn, in the opinion of Yohay Elam from FXStreet.

Key quotes

“EUR/USD is suffering from downside momentum on the four-hour chart and trades below the 50, 100, and 200 Simple Moving Averages – all bearish signs.” 

“Moreover, the recent bounce has pushed the Relative Strength Index above 30 – outside oversold conditions and allowing for more falls.”

“Some support awaits at 1.0720, a support line from 2017. The recent low of 1.0652 is the next level to watch.”

“Resistance awaits at 1.0855, a cap from February, and then by 1.0975, a swing high from earlier this week.”

FX Street

FX Street

FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions.