EUR/USD - Slipped to 3-Week Low at 1.0590 - 02/14/2017 (GMT)

Euro plunged to its lowest level against the greenback in more than three weeks. During yesterday’s morning, the EUR/USD pair rose until the short-term descending trend line, however, afterwards it created a sharp run to the downside and hit the 1.0590 support barrier which coincides with the 50-daily SMA.

The single currency pair recorded the fourth bearish day in a row but it started the day with a green candle. On the 4-hour chart, the next level to watch to the upside is the 1.0640 resistance handle which is near the 200-SMA. If the price rises above the latter obstacle, it would open the way for the 50-SMA near the 1.0690 price level. An alternative scenario is a break below 1.0590 which will slip the pair until the 1.0500 psychological barrier. Technical indicators are endorsing the bullish attitude. RSI is sloping upwards and is moving towards its mid-level whilst MACD lies above the trigger line with weak momentum.