EUR/USD: Setting lower lows

The Euro/Dollar four-hour chart is showing that EUR/USD is setting lower lows, forming a downtrend, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“The EUR/USD pair has dropped below the 100 and 200 Simple Moving Averages and is fighting to hold onto the 50 SMA. Momentum remains to the downside.”

“Support awaits at 1.09, a round number that provided support on Wednesday. It is followed by 1.0840, a temporary cap from last week.”

“Resistance is at 1.0970, which is the daily high, and it is followed by 1.10, where the 200 SMA hits the price.”