Yohay Elam, FXStreet’s analysts, suggests the bears may break the double bottom as Thursday’s 4-hour chart is showing.
Key quotes
“EUR/USD is suffering from downside momentum on the four-hour chart and has fallen below the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index has risen above 30 – opening the door to more falls.”
“The critical level to watch is 1.0991 – the 2020 low which is now a double-bottom.”
“The next line is close by. At 1.0980, we find the December trough, and it is followed by 1.0940, 1.0925, and 1.0879 – the 2019 low.”
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