EUR/USD: Double-bottom at risk

EUR/USD Monday’s four-hour chart is pointing to lower lows and lower highs, a downtrend. Yohay Elam, an analyst at FXStreet, examines the EUR/USD pair from a technical perspective.

Key quotes

“The Relative Strength Index is above 30 – outside oversold conditions, while momentum remains to the downside. To add insult to injury, the 50 Simple Moving Average is on the verge of crossing the 200 SMA to the downside – yet another bearish sign.”

“Some support awaits at 1.0635, the fresh 2020 low touched twice – a double-bottom. 1.0580 and 1.05 are the next levels to watch.”

“Resistance awaits at the daily high of 1.0770, followed by 1.0835, Friday's high.”