EUR/USD - Slipped Below 1.0590 Key Level - 02/21/2017 (GMT)

The EUR/USD pair has been trading weak since yesterday as the strength of dollar returned and got back some of its losses. The common currency pair slipped below the 50-daily SMA and the 1.0590 price level and opened the way for a retest of the 1.0520 support barrier. Traders prepare themselves for the FOMC minutes tomorrow and are driving the pair lower.

From a technical point of view, on the 4-hour chart, the technical indicators are following a negative path. The MACD oscillator is moving south with strong momentum as it fell below its trigger line. The RSI indicator rebounded on the 50 level and moved lower while now is pointing upwards.