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Bearish stance has not vanished

The EUR/USD pair hovers around 1.0790, near but above the critical 1.0770 support level with no change in the technical picture, according to Valeria Bednarik from NDDFX. 

Key quotes

“The 4-hour chart shows that it offers a neutral-to-bearish stance, as the 20 SMA continues to head lower above the current level and to provide intraday resistance.”

“The Momentum retreats every time it reaches its mid-line, while the RSI remains flat within oversold levels.” 

“The key support is 1.0770, and a breakthrough the level could open doors for an approach to the 1.0700 region.”

 

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