EUR/USD: Oversold conditions
EUR/USD has extended its falls, hitting a new 34-month low. Thursday's four-hour chart is pointing to oversold conditions, according to Yohay Elam from FXStreet.
“The Relative Strength Index on the four-hour chart is below 30 – indicating oversold conditions and a potential upswing.”
“The currency pair continues suffering from downside momentum and trades below the 50, 100, and 200 Simple Moving Averages on the four-hour chart.”
“Support awaits at 1.0777 – the fresh low and the bottom-end of the Macron Gap. It is followed by 1.0720.”