EUR/USD hovers around 1.0700 after returning into the Symmetrical Triangle formation on a daily timeframe. The major currency pair is expected to find support at 1.0636, near the upward-sloping trendline of the chart pattern plotted from the low from October 3, 2023, at 1.0448, and the horizontal cushion plotted from the April 16 low around 1.0600.
On the upside, the downward-sloping border from the high of December 28, 2023, at 1.1140 will be a major barrier for the Euro bulls near 1.0750.
The long-term outlook of the shared currency pair has also turned negative as prices dropped below the 200-day Exponential Moving Average (EMA), which trades around 1.0800.
The 14-period Relative Strength Index (RSI) falls below 40.00. Momentum could turn bearish if the RSI sustains below this level
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