The EUR/USD pair is sharply down daily, trading around 1.0920. The daily chart suggests the decline may continue, although in corrective mode, as overall, the risk remains skewed to the upside.
EUR/USD develops above all its moving averages, with a bullish 20 Simple Moving Average (SMA) extending its advance above directionless 100 and 200 SMAs. Technical indicators turned lower, maintaining their bearish slopes, although well above their midlines.
For the near term, and according to the 4-hour chart, however, EUR/USD seems poised to extend its slide. The pair is below a now flat 20 SMA, which hovers around the 61.8% Fibonacci retracement of the 1.1275/1.0447 slide at 1.0960.
The longer moving averages retain their bullish strength far below the current level, while technical indicators hold within negative levels, losing their directional strength.
Support levels: 1.0905 1.0860 1.0820
Resistance levels: 1.0960 1.1010 1.1050