EUR/USD: Bears are far from having full control

EUR/USD Friday's four-hour chart is pointing to further falls below the broken support line, according to FXStreet’s analyst Yohay Elam.

Key quotes

“EUR/USD has fallen off the uptrend channel and attempts to recapture it have failed. The currency pair also trades below the 50, 100, and 200 Simple Moving Averages, but momentum has stabilized.” 

“Support awaits at 1.0780, which has been a low point several times in May, and more importantly by 1.0765, the monthly low.” 

“Looking up, 1.0820 capped recovery attempts and the 50 SMA is approaching this price. The next line to watch is 1.0870, a swing high from last week.”