EUR/USD: Bearish on a break below 1.0790

EUR/USD could turn bearish on a break below 1.0790, the immediate support level, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“Weighing on the euro, the EU Commission announced on Sunday that it could open a legal case against the German Constitutional Court ruling on ECB’s easing programs.” 

“The 4-hour chart shows that EUR/USD is hovering around a directionless 20 SMA, while below the larger ones, which are also flat. Technical indicators head nowhere, the Momentum around its midline and the RSI at 42, slightly skewing the risk to the downside.”

“The EUR/USD pair would need to break below 1.0790, the immediate support, to be able to extend its slide during the upcoming hours.”