EUR/USD is trading around 1.10, marginally above the monthly lows. Wednesday’s four-hour chart is pointing to further falls, as FXStreet’s Yohay Elam notes.
“Euro/dollar is trading struggling with the 200 Simple Moving Average on the four-hour chart and trades below the 50 and 100 SMAs. It is suffering from downside momentum while the Relative Strength Index is above 30 – outside oversold conditions.”
“Significant support awaits at 1.0955, the daily low, and it also provided support on Tuesday. It is followed by 1.0875, which capped it in late February.”
“Resistance is at 1.1050, which is a separator of ranges, followed by 1.11, a support line from early March.”