EUR/USD: Strong resistance at 1.0895

FXStreet Team FXStreet

EUR/USD has been trending lower since hitting a peak at 1.0995 last week while Monday's four-hour chart is pointing to further losses, FXStreet’s analyst Yohay Elam reports.

Key quotes

”EUR/USD fell below uptrend support and the 50 and 200 Simple Moving Averages on the four-hour chart. Downside momentum is picking up. All in all, bears are in the lead.”

“Support awaits at 1.0810, which was last week's low, and 1.0770, April's trough follows it.”

“Robust resistance is at 1.0895, a high point on Friday, and also a support line last week. Further up, 1.0930 was a swing high in early April.”

Author

FXStreet Team

FXStreet

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