16.04 - EUR/USD: on track to decline
- by George Solotarov
EUR/USD has been on the back foot and Thursday's four-hour chart is pointing to further losses. EUR/USD is trading below the 50, 100, and 200 Simple Moving Averages on the four-hour chart and momentum has turned negative – all bearish signs. Moreover, the pair dropped below the uptrend support line that accompanied it since early April.
The immediate cushion is 1.0855, which was Wednesday's low. If it followed by 1.0830, a support line from last week. Resistance awaits at 1.0930, a swing high from last week, followed by 1.0990, the weekly high.