Euro/dollar has only staged a "dead-cat bounce" after tumbling down last week. Momentum on the four-hour chart remains to the downside and the pair trades below the 50, 100 and 200 Simple Moving Averages. Moreover, the Relative Strength Index (RSI) is above 30, thus outside oversold conditions.
Some support awaits at the daily low of 1.1585. It is followed by the fresh 2021 trough of 1.1562. Further down, 1.15 is on the radar.
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