EUR/USD recovers after early sell-off on reports of Israeli attack on Iran
Technical Analysis: EUR/USD consolidates within a bear trend
EUR/USD seems to be messing around in the gap between the YTD lows at 1.0601 and the resistance from the last major swing low in February at just shy of 1.0700.
The short and medium-term trends are bearish, suggesting more weakness will eventually come.
The Relative Strength Index (RSI) has exited oversold conditions, indicating renewed potential for more downside.
A break below the 1.0601 April lows would post a lower low and give renewed confidence to bears. After that, the next concrete target is at 1.0446, the October 2023 low.
Resistance at around 1.0700 will need to be overcome for bulls to reappear. In the case of a really bullish move, the April 2 swing low at 1.0725 provides the next upside target followed by 1.0800, where a cluster of major Moving Averages coils.
