EUR/USD: technically poised to extend declines - FXStreet

From a technical point of view, Valeria Bednarik, chief analyst at FXStreet explains that the EUR/USD pair seems poised to extend its decline.

Key Quotes:

"As in the daily chart, the pair has been developing below its 100 DMA for most of the past week, extending its decline to fresh lows on Friday."

"In the same chart, the technical indicators head sharply lower within negative territory, pointing at least to a test of 1.1080, a major support, given that in there, the 200 DMA converges with a daily ascendant trend line coming from November 2015 low."

"Should the price break below it, the bearish momentum will likely accelerate, on stops being triggered. In the 4 hours chart, the price is now below a bearish 20 SMA, whilst the technical indicators have lost partially their bearish strength, but remain below their mid-lines, in line with the longer term outlook."