EUR/USD remains under pressure below 1.17, trading at the lowest level since November 2020. The dollar is gaining ground after the Fed's meeting minutes signaled that tapering of its bond-buying scheme is high on the agenda. US jobless claims are awaited.
The euro/dollar pair is suffering from oversold conditions according to the Relative Strength Index (RSI) on the four-hour chart. The drop below 30 implies that the bounce is due. Other indicators such as momentum and the Simple Moving Average are pointing lower.
Immediate support awaits at the fresh 2021 trough 1.1665. The next level to watch is the double-bottom of 1.1610 set in late 2020. Further down, 1.15 is a noteworthy psychological barrier.
The broken 1.17 level is the first level of resistance. It is followed by 1.1720, which support EUR/USD last week, and then by 1.1740, which was Wednesday's swing high.
