The new week started with muted sound for the EUR/USD pair. No
significant macro news were released today that could trigger the US dollar to
marginal change to the upside.
The pair is still holding below the 2015 low and also is staying well below the
20-day, 100-day and 200-day moving averages. Considering this, the pair is
poised to accelerate the downward slope.
Technical indicators are showing overbought conditions. RSI is now reaching 30
level and stochastic is displaying strong bearish momentum. Both readings are
not giving signs for additional gains.
In case of breaking 1.0480 level, we might witness bulls fighting for 1.0500
area. But key support is located at 1.0400 and the around this point the
EUR/USD pair is poised to continue its decline towards deeper lows. Next
support is seen at 1.0365 (yearly low) and 1.0320.
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