EUR/USD: Break below 1.0770 is confirmed is proved

The EUR/USD pair dropped below 1.0770, the precious April low, and this break is now confirmed as Friday's technical picture is showing bears are in the lead, FXStreet’s analyst Yohay Elam briefs.

Key quotes

“Momentum on the four-hour chart is pointing to the downside and EUR/USD trades below the 50, 100, and 200 Simple Moving Averages.” 

“Support awaits at 1.0720, which was a stepping stone on the way up in mid-March, and the 2020 trough of 1.0640 is already in sight.”. 

“Initial resistance is at 1.0770, and it is followed by last week's trough of 1.0810.”