EUR/USD is trading in negative territory below 1.1000 following a modest recovery attempt in the European session. The data from the US showed that Durable Goods Orders declined by 2.2% in February. On a positive note, Markit Composite PMI improved to 58.9 in March, beating the market expectation of 56.
The EUR/USD pair shows on the daily chart that it is down for a second consecutive day, with a firmly bearish 20 SMA providing intraday resistance and leading the way lower. The Momentum indicator is stuck around its midline, while the RSI indicator gains bearish strength, heading lower at around 41, in line with further declines.
The 4-hour chart offers a neutral-to-bearish picture, as the pair is unable to advance beyond a mildly bearish 100 SMA, while the 20 SMA converges with the longer one. Technical indicators in the mentioned time frame remain directionless, the Momentum around its midline and the RSI at around 42. The pair can accelerate its slump on a break below
1.0960, the weekly low.
Support levels: 1.0960 1.0920 1.0875
Resistance levels: 1.1020 1.1070 1.1105
