EUR/USD - Continues to be Under Pressure - 03/02/2017 (GMT)

The single currency continues to be under pressure due to political concerns in the Euro area. In combination with the rising dollar and EUR/USD dropped to the 1.0520 support level. We may see a small retracement here until 1.0560 before the pair continues its fall until the 1.0470 barrier.

On the other hand, if the U.S. dollar loses its rising momentum and pushes the price above 1.0650, we may see further upside movement until 1.0740.

The 50 and 100-SMAs on the 4-hour chart, are developing above the pair price and the MACD is falling suggesting a downward move. However, Relative Strength Index (RSI) is moving flat without any clear signal.