EURUSD has staged an upward correction and reclaimed parity after having touched its weakest level in nearly 20 years at 0.9952 earlier in the day. Dovish comments from Fed Governor Waller seem to be causing the greenback to lose interest.
The daily chart for the EUR/USD pair hints at a bearish breakout, as technical indicators have resumed their declines within oversold levels, reaching fresh multi-month lows. Moving averages in the mentioned time frame maintain their firmly downward slopes far above the current level, supporting the bearish case.
The risk is also skewed to the downside in the near term and according to the 4-hour chart. Sellers keep rejecting advances around a bearish 20 SMA, currently at around 1.0050. The Momentum indicator is flat just below its 100 level, but the RSI resumed its slide and approaches oversold readings. A break through the 0.9995 level should finally hurt the bulls’ determination and lead to a test of the 0.9960 price zone.
Support levels: 0.9995 0.9960 0.9920
Resistance levels: 1.0050 1.0120 1.0165
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