EUR/USD - Plunged Below 1.0590 Key Level - 02/15/2017 (GMT)

Euro extended its losses, yesterday, against the U.S. dollar, falling for the fifth trading day in a row. The EUR/USD pair plummeted more than 1% since last Thursday and slipped below the 50-daily SMA. Over Tuesday’s session, the single currency pair rose until the short-term descending trend line and had a strong rebound on it. Afterwards, a sharp bearish move started and the price hit the 1.0560 support barrier.

On the daily chart, the technical indicators hold within the negative territory, with clear downside directional strength. Also, on the 4-hour chart, RSI is moving below the 50 level and is pointing downwards while MACD is trading lower near its trigger line. The next initial support level to watch is the 1.0500 strong psychological level. On the other side, if the common currency pair penetrates the falling trend line to the upside, it would be exposed until the 1.0640 resistance obstacle.