EUR/USD - Failed to Continue its Upward Run - 03/07/2017 (GMT)

Euro moved sharply lower against the greenback during yesterday’s trading session after it hit a fresh two-week high at 1.0640. The EUR/USD pair after the aggressive run to the upside and the penetration of the descending trend line in the previous week managed to challenge the 50-daily SMA and fell near the 1.0570 support level. The currency pair dropped almost 0.4% on Monday while Alain Juppe’s decision did not help the pair to continue its upward movement.

From the technical point of view, currently, the common currency pair found a strong obstacle on the 1.0570 support level which overlaps with the 50-SMA on the 4-hour chart, as well as, with the falling trend line. If the pair fails to plunge below the aforementioned obstacle, it would open the door for a retest of the 1.0630 strong resistance level. The RSI indicator is still following a positive path while the stochastic oscillator is creating a bullish crossover within its moving averages endorsing the rising on price.