EUR/USD - EUR/USD Rebounded on 1.0950 and is Moving Lower - 04/28/2017 (GMT)

The European Central Bank is not considering of changing its forward guidance in June and that drove the EUR/USD pair lower to 1.0850. The common currency pair recorded the second bearish day in a row and seems to be ready to retest the next support level at 1.0780 which overlaps with the 200-daily SMA. Going to the weekly timeframe, the 50 and 100 SMAs are acting as significant resistance obstacles and the price finds difficulty to surpass them.

On the other side, a successful run above the latter level will open the way for the 1.1140 resistance handle. The RSI indicator rebounded on the 70 level and is moving within the 70 and 50 levels, still in the positive path but is pointing down. The stochastic oscillator posted a negative crossover within its moving averages indicating bearish price action.