EUR/USD - Remains Under Heavy Pressure - 02/22/2017 (GMT)

EUR/USD is just sitting over the 1.0520 support level before the EU opening. It seems that the pressure over the euro is not finished yet and we expect in the following hours that level to be broken and the price most likely will drop further towards the next key zone around 1.0455. In case the support mentioned above sustains and the price rebound from 1.0520 upwards, above 1.0565, then the level to watch will be the resistance level at 1.0680.

A look at the technical indicators supports an extension of the decline. The price is below both the 50 and 100 period SMAs on the 4-hour chart. MACD is declining strongly below zero line while RSI is sloping down and touching the 30 level with attempts to enter into the oversold zone.