EURUSD fell below the key 1.3900 support level on Wednesday and stopped just above the 1.3800 psychological level to rebound at 1.3808 early on Thursday.
On the 4-hour chart, EURUSD broke below its 20 and 50 period moving averages to currently find support at the 100-period moving average.
In the short-term, further bearishness remains as technical indicators are showing bearish signs. The RSI has declined towards 30 while MACD has fallen below zero. The Stochastic is below 20 in oversold territory.
Support comes in at 1.3808. If this level does not hold, it will pave the way for a decline to 1.3720 and then 1.3642.
On the upside, important resistance is now found at the 1.3900 psychological level which was a previous key support level.
A breach of this level will trigger a further upside move towards the March 13 high of 1.3966 (2 ½ year high).
EURUSD fell below the key 1.3900 support level on Wednesday and stopped just above the 1.3800 psychological level to rebound at 1.3808 early on Thursday.
On the 4-hour chart, EURUSD broke below its 20 and 50 period moving averages to currently find support at the 100-period moving average.
In the short-term, further bearishness remains as technical indicators are showing bearish signs. The RSI has declined towards 30 while MACD has fallen below zero. The Stochastic is below 20 in oversold territory.
Support comes in at 1.3808. If this level does not hold, it will pave the way for a decline to 1.3720 and then 1.3642.
On the upside, important resistance is now found at the 1.3900 psychological level which was a previous key support level.
A breach of this level will trigger a further upside move towards the March 13 high of 1.3966 (2 ½ year high).
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