The four-hour EUR / USD chart for Friday should drop further below the broken support line, according to Yohay Elam, analyst at FXStreet.
“EUR / USD fell from the uptrend channel and attempts to take it back failed. The currency pair is also trading below the moving averages of 50, 100 and 200, but the momentum has stabilized. ”
“Support is waiting at 1.0780, which was a low several times in May, and more importantly at 1.0765, the lowest monthly.”
“Looking up, 1.0820 has capsized recovery attempts and the 50 SMA is approaching that price. The next line to watch is 1.0870, a record swing from last week. “