EUR/USD: King dollar's to topple initial support at 1.1730

The EUR/USD pair is trading largely unchanged on the day at 1.1737 at risk of falling below the 100-SMA as Tuesday's 4-hour chart is pointing to further losses, FXStreet’s analyst Yohay Elam reports.

Key quotes

“EUR/USD is suffering from downside momentum on the 4-hour chart and is set to fall below the 100 Simple Moving Average after losing the 50 SMA. The Relative Strength Index is above 30, thus outside oversold conditions.”

“Initial support is at the daily low of 1.1730, followed by 1.17, a double-bottom from late July. Further down, 1.1625 and 1.545 await the currency pair.”

“EUR/USD faces some resistance at 1.1755, the daily high, followed by 1.1810, a temporary cushion last week. Further above, 1.1850 and 1.1915 are eyed.”