EUR/USD has been extending its losses, trading at the lowest since April 2017. Yohay Elam, an analyst at FXStreet analyzes the technical perspective of the EUR/USD pair.
“The Relative Strength Index on the four-hour chart is below 30 – implying oversold conditions and a potential bounce. However, that may be insufficient to stop euro/dollar's fall. Also, previous recoveries have been shortlived and limited – dead-cat bounces.”
“EUR/USD has hit a low of 1.0827, just above the `Macron Gap` level of 1.0820, which was seen after the now President of France, Emmanuel Macron, won the first round of the elections in April 2017.”
“We find 1.0770 and 1.0720 as potential support lines.”
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