EUR/USD: Typical dead cat bounce over
EUR/USD is holding onto its range in a typical "dead cat bounce" move but that may change. Tuesday's four-hour chart is pointing to the downside, as FXStreet’s analyst Yohay Elam notes.
“EUR/USD is trading around the 100 Simple Moving Average on the four-hour chart, above the 200 SMA and below the 50 SMA. Momentum is to the downside while the Relative Strength Index is balanced.”
“Support awaits at 1.11, which provided support in early March. It is followed by 1.1050, a stubborn support line from last week.”
“Resistance is at 1.1240, a swing high on Monday which is backed up by the 200 SMA. It is followed by 1.1320 and 1.1360, both stepping tones on the way down.”