The EUR/USD pair recovers from a daily low of 1.0819 posted early in the European session, finding intraday support in the EZ Economic Sentiment indicator, up to its highest level in over three years. Nevertheless, the pair trades below 1.0865, a strong Fibonacci resistance level in the short term, as per being the 38.2% retracement of the February/March decline.
Technically, the downside remains favored, with the 4 hours chart showing price below its 20 SMA, currently around 1.0910 whilst the Momentum indicator heads lower below 100 and maintains a strong bearish tone. The RSI also heads lower around 45, all of which should keep the upside limited around the mentioned 1.0865 level. Above it, the pair may attempt and advance up to 1.0900/10, yet further gains are not unlikely for this Monday.
The immediate support comes at the daily low, with renewed selling pressure below 1.0820 probably pushing the price below the 1.0800 figure, towards 1.0770/90 price zone.
View Live Chart for EUR/USD
Technically, the downside remains favored, with the 4 hours chart showing price below its 20 SMA, currently around 1.0910 whilst the Momentum indicator heads lower below 100 and maintains a strong bearish tone. The RSI also heads lower around 45, all of which should keep the upside limited around the mentioned 1.0865 level. Above it, the pair may attempt and advance up to 1.0900/10, yet further gains are not unlikely for this Monday.
The immediate support comes at the daily low, with renewed selling pressure below 1.0820 probably pushing the price below the 1.0800 figure, towards 1.0770/90 price zone.
View Live Chart for EUR/USD
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