EUR/USD (a 4-hour chart)
The dollar grew against its main rivals to 7-month high on Monday. The
The euro partly recovered and was able to reverse the majority of its losses during the trades on Monday. The ongoing recovery could be attributed to some profit taking from bears following Friday's sell-off. Buyers pushed the EUR/USD to the resistance 1.1000. However, bulls failed to regain the level and the price slightly rolled back. The euro quotes tested the 50-EMA, around 1.1000 in the 1 hour chart. The 50-EMA acted as a barrier and rejected the price downwards. All moving averages (50, 100 и 200) are heading lower. The resistance comes in at 1.1000, the support stands at 1.0950.
MACD remained in the negative area. The MACD histogram remained at the same level which indicates the sellers’ strength. RSI indicator is holding near oversold levels.
We do not exclude that after rolling back the euro will try to retake the level 1.0950 again. Conversely, after a daily closing above the level 1.1000 the EUR/USD may extend its gains towards 1.1050.