EUR/USD: Struggling around 1.10 – Elam

Yohay Elam, FXStreet’s analysts, suggests the bears may break the double bottom as Thursday’s 4-hour chart is showing. 

Key quotes

“EUR/USD is suffering from downside momentum on the four-hour chart and has fallen below the 50, 100, and 200 Simple Moving Averages. Moreover, the Relative Strength Index has risen above 30 – opening the door to more falls.”

“The critical level to watch is 1.0991 – the 2020 low which is now a double-bottom.” 

“The next line is close by. At 1.0980, we find the December trough, and it is followed by 1.0940, 1.0925, and 1.0879 – the 2019 low.”