EUR/USD (a 4-hour chart)
The euro got under pressure amid a negative Factory Orders in Germany. The
The EUR/USD gapped lower at the open on Monday. The price moved lower after the gap and broke the level 1.1100. After breaking the 1.1100 level the euro extended its losses towards its immediate support at 1.1050. After testing this mark the downward momentum faded, the common currency slightly rolled back. The 200-EMA stopped the further euro weakening rejecting the price upwards. The 200-EMA is neutral, while the 50 and 100 EMAs are moving upwards. The 50-EMA crossed the 100-EMA upwards. The resistance is seen at 1.1000, the support could be found at 1.1050.
MACD decreased which indicates the buyers’ positions weakening. RSI moved downwards.
If the weakening persists the EUR/USD will break 1.1050 and move towards 1.1000. If the pair bounces off the level it may reverse its losses, heading towards 1.1100.