EUR/USD is trying to recover after the market panic sell-off due to coronavirus fears. Friday’s four-hour chart is pointing to further falls, as FXStreet’s analyst Yohay Elam notes.
Key quotes
“The Relative Strength Index on the four-hour chart is above 30, outside oversold conditions. The currency pair is trading above the 100 and 200 Simple Moving Averages but lost the 50 SMA. Momentum is to the downside.”
“Support awaits at 1.1150, the daily low, followed by the round number of 1.11, and 1.1050 is Thursday’s swing low.”
“Resistance is at 1.1220, the daily high, followed only by 1.1325, which held the pair down on Thursday.”
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