EUR/USD - Printed the Third Negative Day and Tested 1.0500 - 03/03/2017 (GMT)

The EUR/USD pair created the third negative day in a row following the bounce off the short-term descending trend line which coincides with the 1.0630 resistance level and the 100-daily SMA. The euro was traded lower against the U.S. dollar and dropped more than 0.7% whilst it reached the 1.0500 strong psychological level.

If the common currency falls below the latter level, the price would be trading at its weakest level in six weeks, opening the door for a move down to a 15-year low at 1.0340 after it challenges 1.0455. Otherwise, early this morning, the price is moving higher and is approaching the 50-SMA on the 4-hour chart while the three SMAs are sloping to the downside. So, a retest of the 1.0570 resistance level is possible and then back to the referred psychological level. Technical indicators are still following a negative path while RSI is pointing to the upside. However, MACD is holding below its trigger and zero lines.