EUR/USD to maintain its negative tone in the near-term

EUR/USD holds at the lower end of its latest range with a bearish stance, which is set to be increased on a break below the 1.1871 weekly low, Valeria Bednarik, Chief Analyst at FXStreet, reports.

See: EUR/USD to nosedive to 1.15 in coming months on strong US economic recovery – Danske Bank

Key quotes

“US Federal Reserve chief Jerome Powell and Treasury Secretary Janet Yellen will testify on the CARES Act. Powell’s prepared remarks have already been published, but questions from lawmakers are expected.”

“The 4-hour chart shows that the EUR/USD pair is back below its 20 SMA, which gains bearish strength. Technical indicators gyrated south, with the Momentum and the RSI supporting additional declines, mainly on a break below 1.1871, the weekly low.”