EUR/USD is gauging a cushion near the round-level support of 1.0700 in the early European morning. The pair has corrected from near 1.0740 after exhaustion in the upside momentum.
EUR/USD retreated below 1.0700, where the 200-period Simple Moving Average (SMA) on the four-hour chart is located. Meanwhile, the Relative Strength Index (RSI) indicator on the same chart edged lower to 60.
In case the pair manages to rise above that level and stabilize there, buyers could show interest and open the door for another leg higher toward 1.0750 (Monday high) and 1.0800 (static level, psychological level).
On the downside, 1.0660 (static level) aligns as first support ahead of 1.0640 (ascending trend line) and 1.0620 (50-period SMA, 100-period SMA).
Related– EUR/USD Reverses Below 1.0700
