EUR/USD: At risk of accelerating its decline on a break below 1.0990

EUR/USD has fallen below the 50% retracement of its March slump, after flirting with the 61.8% retracement of the mentioned decline last week, Valeria Bednarik from FXStreet briefs.

Key quotes  

“The 4-hour chart shows that EUR/USD has fallen below its 100 SMA, but also that the 20 SMA keeps advancing now converging with the 200 SMA at around 1.0990.”

“Technical indicators are easing from overbought levels, and while holding above their midlines, they head firmly lower, skewing the risk to the downside.”

“Support levels: 1.0990 1.0950 Resistance levels: 1.1060 1.1100”