EUR/USD: bearish outlook - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the technical indicators in the 4 hours chart have gathered bearish momentum, maintaining their downward slopes near oversold readings. the price broke through a now bearish 20 SMA, providing a dynamic resistance around 1.0445, the comfort zone from earlier this week, all of which favors a new leg lower for the upcoming sessions.

Key Quotes:

"The price broke through a now bearish 20 SMA, providing a dynamic resistance around 1.0445, the comfort zone from earlier this week, all of which favors a new leg lower for the upcoming sessions."

"As long as the price remains below 1.0420, now the immediate resistance, the pair has scope to retest its year low of 1.0352, with further declines below it opening doors for a test of the 1.0206 level, July 2002 monthly high.

Support levels: 1.0350 1.0320 1.0290

Resistance levels: 1.0420 1.0455 1.0490."