EUR/USD: Favoring additional declines on a break below 1.0890

The EUR/USD pair is pressuring the 50% retracement of its latest bullish run, technically bearish in the short-term, according to Valeria Bednarik, a Chief Analyst at FXStreet.

Key quotes

“The EUR/USD 4-hour chart shows that the price is below all of its moving averages, which remain confined to a tight range although gaining bearish traction.”

“Technical indicators turned south within negative levels, favoring additional declines.”

“Support levels: 1.0890 1.0850 Resistance levels: 1.0960 1.1000”