EUR/USD extends losses after the poor German figure, ahead of th
The Relative Strength Index on the four-hour chart is below 30 – indicating oversold conditions – and implying a temporary bounce. However, downside momentum prevails and the pair is trading below the 50, 100, and 200 Simple Moving Averages.
The daily low of 1.1122 is the immediate line of support and the last defense before the 2019 low of 1.1107. Further down, we are back to levels seen in 2017 – 1.1025 and 1.0900.
Initial resistance awaits at 1.1155 which capped EUR/USD earlier this week. It is followed by 1.1180 and 1.1195 which formed the broken uptrend support line. Next up, we find 1.1245 and 1.1290.
The daily low of 1.1122 is the immediate line of support and the last defense before the 2019 low of 1.1107. Further down, we are back to levels seen in 2017 – 1.1025 and 1.0900.
Initial resistance awaits at 1.1155 which capped EUR/USD earlier this week. It is followed by 1.1180 and 1.1195 which formed the broken uptrend support line. Next up, we find 1.1245 and 1.1290.
