EUR/USD: Chances of a downward move are limited

EUR/USD is currently trading below the 23.6% retracement of its latest daily slump at 1.0840. Valeria Bednarik, a Chief Analyst at FXStreet, examines the EUR/USD pair from a technical perspective.

Key quotes

“The 4-hour chart shows that the price remains above a mild-bearish 20 SMA, although well below the 100 and 200 SMA. Technical indicators remain within positive levels but losing bullish strength.” 

“Given the upbeat sentiment, chances of a downward move are limited. 1.0800 is the immediate support while bulls give it another try on an extension beyond the mentioned daily high.”

“Support levels: 1.0725 1.0690 Resistance levels: 1.0840 1.0885”