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EUR/USD remains depressed, hovering around the 1.0800 level, despite the market being in a better mood this Wednesday. Valeria Bednarik, Chief Analyst at FXStreet, sees the pair picking up bearish momentum below 1.0770.

Key quotes

“The EUR/USD pair is holding just below 1.0800 ahead of Wall Street’s opening, retaining its bearish stance. In the 4-hour chart, the pair is consolidating below a bearish 20 SMA, with the larger moving averages maintaining their bearish slopes far above the shorter one.” 

“The Momentum indicator heads lower just below its mid-line while the RSI consolidates around 31, all of which keeps the risk skewed to the downside.”

“Support levels: 1.0770 1.0725 1.0690.”