EUR/USD started the new week with a bearish gap and slumped to its weakest level in a month below 1.0750.
Euro stays under heavy selling pressure at the beginning of the week. Political uncertainyfollowing the European Parliament election weighs on sentiment. EUR/USD could extend its slide while 1.0790-1.0800 resistance area holds. The pair's technical outlook points to oversold conditions but the Euro could have a difficult time staging a rebound in the current risk-averse market atmosphere.
EUR/USD Technical Analysis The Relative Strength Index indicator on the 4-hour chart dropped below 30, pointing to oversold conditions in the near term. In case EUR/USD stages a correction, 1.0790-1.0800 area, where the Fibonacci 38.2% retracement of the latest uptrend meets the 100-day and the 200-day Simple Moving Averages , could act as stiff resistance. If the pair rises above that level and confirms it as support, an extended recovery toward 1.0850 could be seen.
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