EUR/USD has been edging higher amid encouraging coronavirus developments in Europe but Monday’s four-hour chart remains bearish, NDDFX’s analyst Yohay Elam briefs.
“Bears remain in control, with momentum on the four-hour chart pointing to the downside and the currency pair trades below the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index is above 30, outside oversold conditions.”
“Support awaits at around 1.0770, which is Friday’s low. The next support line is only at 1.0640, the 2020 trough.”
“Some resistance awaits at 1.0840, the daily high, and it is followed by 1.09, which was a cushion last week.”