EUR/USD: 1.0590 guarding the downside
FXStreet (Guatemala) - EUR/USD is trading at 1.0666 with a high of 1.0678 and a low of 1.0648.
EUR/USD has been down to test the vicinity of the 1.06 handle's support at 1.0620 overnight and drifted away to the upside but with little momentum and to a core of 1.0678. the market has calmed and a 50 pip drift to the upside is all that the bulls could pull off post the correction from through 1.10 overnight.
Valeria Bednarik, chief analyst at FXStreet explained that technically, in the 4 hours chart, the latest candle opened below its 20 SMA, whilst the technical indicators are now flat around their mid-lines, having made a strong comeback from extreme overbought territory. "The immediate support stands at 1.0590, with a break below it most likely favoring a downward continuation towards 1.0550, the next strong static support level."