EUR/USD: Heading firmly lower

The EUR/USD pair is back in its bearish path and at risk of falling beyond the yearly low at 1.0635, according to Valeria Bednarik from FXStreet.

Key quotes

“The EUR/USD weekly chart shows that it plunged below its 20 SMA, while the 100 SMA is below the 200 SMA. Technical indicators resumed their declines from around their midlines, now heading firmly south within negative levels.”

“In the daily chart, EUR/USD is developing far below all of its moving averages, with the pair now far below all of its moving averages and the 20 DMA accelerating south below the larger ones, as technical indicators head firmly lower near oversold readings.”

“The immediate support is 1.0760, followed by the 1.0700 area. Beyond this last, the mentioned yearly low at 1.0635 is next.”

“Resistances, above 1.0830, come at 1.0900 and 1.0970.”