EUR/USD - EUR/USD Fell And Hit Our Target at 1.0710! - 02/07/2017 (GMT)

The euro ended the day lower against the greenback as it plunged below the upward sloping channel, that was holding since January 3rd, on the 4-hour chart. Since yesterday morning the EUR/USD pair plummeted almost 1% following the rebound on the 50-SMA and slipped below the 100-SMA on the short-term timeframe. Additionally, the single currency pair reached our suggested target at 1.0710 (see technical analysis here: http://bit.ly/2jX8pqP) while it continues its downward move.

From the technical point of view, the price will probably manage to challenge the 1.0660 support barrier or moreover, the 1.0625 which is slightly above the 200-SMA. MACD and RSI are confirming the recent bearish attitude as both are following a negative path. RSI fell below the 50 level and is approaching the oversold area whilst MACD lies below its trigger and zero lines.