EUR/USD
escaped from the range within which the pair was capped the past days. The pair
plummeted and reached lowest level for the last three months, as fell to 1.0971
and closed the week below the psychological level 1.1000.
From
a technical viewpoint, the bearish scenario is more likely and we might
witness further decline in the coming days. As it is seen on the daily chart, the pair is
now staying below the 20-day and 100-day simple moving averages and has lack of
strength to overcome them.
RSI
is showing oversold market and is indicating bearish trend. Momentum is also in
a line with the slope to downside and marking lowest level since early July. Support is now located at 1.0950, followed by 1.0910. Looking to the upside,
resistance is now seen at 1.1090, 1.1160 and the key level at 1200. 
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