EUR/USD: Support awaits at 1.08

EUR/USD Thursday's four-hour chart is pointing to further falls. Yohay Elam, an analyst at FXStreet, examines the pair from a technical perspective.

Key quotes

“The Relative Strength Index is above 30 – outside oversold conditions and allowing for more falls.”

“The EUR/USD pair is trading below the 50, 100, and 200 Simple Moving Averages and momentum remains to the downside.”

“Support awaits at 1.08, which was the low point on Wednesday. It is followed by 1.0777, the 2020 low.” 

“Some resistance is at 1.0855, which capped the pair in late February, followed by 1.0975, the daily high.”