EUR/USD to resume its slump

A holiday in the US and a scarce macroeconomic calendar in Europe keeping majors range-bound, Valeria Bednarik from FXStreet informs. The analyst sees the pair extending its slump on a break below 1.0810, the immediate support.

Key quotes

“The EUR/USD pair is trading near it’s Friday multi-year low of 1.0826, showing little aims to move one way or the other, as the daily high was set at 1.0850. A scarce European macroeconomic calendar and US markets on holiday are behind the absence of trading interests.”  

“EUR/USD is consolidating mid-way its daily range, retaining its bearish stance in the short-term. The 4-hour chart shows that the 20 SMA maintains a sharp bearish slope above the current price and below the larger ones, which also head firmly lower.”

“Technical indicators have corrected extreme oversold conditions before resuming their declines within negative levels. Further declines are to be expected, with the market now eyeing a test of 1.0770 the next relevant support level.”