EUR/USD: No signs of downward exhaustion

The EUR/USD pair is hovering at around 1.0740, and long-term technical readings indicate that bears dominate the scene, as FXStreet’s analyst Valeria Bednarik notes.

Key quotes

“In the daily chart, the pair is developing over 350 pips’ below all of its moving averages, all of them confined to a tight range.”

“The Momentum maintains its bearish slope while the RSI hovers around 33.”

“The risk remains skewed to the downside, with 1.0644 being the immediate support, en route to the 1.0580 price zone. Below this last, February 2017 low at 1.0492 is the next possible bearish target.”

“Resistances next week come at 1.0770, 1.0830 and 1.0900.”