The EUR/USD lost its positive momentum; however the retreat from the peak of 1.0871 has been limited. The daily chart is still biased to the upside, but the Euro is struggling to extend gains. The key area on the chart is 1.0740/50: while above, upside risk dominates.
In the near term, the 4-hour chart favors the bulls as the price remains above the 20-period Simple Moving Average (SMA) that turned north. However, RSI and Momentum flattened as EUR/USD entered a consolidation phase. Ahead of relevant events, if the pair breaks and holds above 1.0865, more gains seem likely. The mentioned 20-SMA and an uptrend line around 1.0810/15 should limit a potential slide. A downward extension below the latter should expose 1.0785.
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