EUR/USD trims intraday gains and trades below 0.9800

  • EUR/USD trims intraday gains and trades below 0.9800An early EUR/USD spike beyond 0.9800 was quickly reverted on Thursday, with the pair still hovering in the 0.9770/80 price zone. Soaring US Treasury yields overshadowed Wall Street’s encouraging earning reports.The daily chart for the EUR/USD pair hints at further declines ahead. The pair clings to a mildly bearish 20 SMA while developing below the longer ones. At the same time, the pair is developing below a descendant trend line coming from the year high at 1.1494, currently in the 0.9970 price zone. Finally, technical indicators turned flat at around their midlines, lacking directional strength at the time being.

    In the near term, and according to the 4-hour chart, the pair is turning bearish. It remains stuck between directionless moving averages, now hovering around the 100 SMA after meeting sellers again around the 200 SMA. Technical indicators, in the meantime, turned south within negative levels, reflecting the latest bout of selling. Still, the pair would need to extend its slump below 0.9750, a static support level, to be able to gather downward momentum.

    Support levels: 0.9750 0.9710 0.9665

    Resistance levels: 0.9845 0.9890 0.9930

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