EUR/USD: Support awaits at 1.0840

The EUR/USD technical picture is showing bearish signs, as FXStreet’s analyst Yohay Elam notes.

Key quotes

“EUR/USD is trading below the 50, 100, and 200 Simple Moving Averages – a bearish sign. Other indicators are less decisive, with momentum and the Relative Strength Index remaining flat.”

“Support awaits at 1.0840, which capped the pair earlier this week. It is followed by 1.0770, April's low.”. 

“Resistance is at 1.0930, which provided support in late March and where the 50 SMA hits the chart. It is followed by 1.0970, which capped EUR/USD in early April.”