EUR/USD: Bears are in control

EUR/USD is trading below downtrend resistance which has accompanied it since early May, Yohay Elam, an analyst at FXStreet, informs.

Key quotes

“Momentum on the four-hour chart is pointing to the upside while the currency pair remains capped by the 50, 100, and 200 Simple Moving Averages.”

“Support awaits at 1.0780, which is where the uptrend support line hits the price. It is followed by 1.0765, May's low, and then by 1.0730, April's trough.” 

“Resistance is at 1.0855, which capped it several times and is where the 100 SMA hits the price. The stubborn cap of 1.0890 is the next line to watch.”