EUR/USD has regained its traction and recovered above 1.0800. With the benchmark 10-year US Treasury bond yield pulling away from the multi-year high set earlier in the day, the greenback struggles to preserve its strength and helps the pair edge higher. Wall Street's main indexes look to open modestly lower.
Despite the latest rebound, the Relative Strength Index (RSI) indicator on the four-hour chart stays below 40, suggesting that the pair is yet to turn neutral in the near term.
On the upside, 1.0830 (20-period SMA, static level) aligns as the first resistance. If buyers lift EUR/USD above that level and manage to hold it there, the next recovery targets could be seen at 1.0860 (50-period SMA) and 1.0900 (psychological level, static level).
Supports are located at 1.0800 (psychological level), 1.0760 (post-ECB low) and 1.0730 (Apr. 24, 2020, low).
