EUR/USD Wednesday’s four-hour chart is pointing to losses, as FXStreet’s analyst Yohay Elam notes.
“Momentum on the four-hour chart has turned downward and EUR/USD fell below the 50, 100, and 200 Simple Moving Averages – bearish signs. Moreover, the Relative Strength Index is still above 30 – outside oversold conditions and allowing for more falls.”
“Support awaits at 1.0810, which was a low point in mid and late May. It is followed by 1.0770, a trough from early last month.”
“Resistance awaits at 1.0860, a stepping stone on the way up, and by 1.0890, which separated ranges several times in recent weeks.”