FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that technically, the pair has broken through several critical supports without looking back.
Key Quotes:
“The short term picture suggests the EUR/USD can continue falling, as in the 1 hour chart, it has extended far below its moving averages, with the 20 SMA having crossed below the 100 and 200 SMAs, and now around 1.1230, whilst the technical indicators have resumed their declines after some limited corrections from oversold levels, well into negative territory.”
“In the 4 hours chart, the Momentum indicator has accelerated toward the downside, whilst the RSI maintains its bearish slope near 32, and the 20 SMA has turned lower well above the current level, all of which supports additional declines particularly on a break below the 1.1120 level, a strong static support zone.”
(Market News Provided by FXstreet)