Since the sharp decline witnessed on Wednesday, the Relative Strength Index (RSI) indicator on the four-hour chart stays below 30. However, there are no divergences between the price and the RSI. In case the RSI starts to make higher lows while the pair continues to inch lower, buyers could turn optimistic for a rebound. End-of-week flows and profit-taking could also help the pair edge higher.
Nevertheless, unless fueled by fundamental developments, recovery attempts are likely to be capped by technical hurdles.
On the downside, 1.1430 (static level) aligns as initial support ahead of 1.1400 (psychological level). If EUR/USD falls below the latter and starts using that level as resistance, additional losses toward 1.1370 (previous resistance, static level) could be witnessed.
First resistance is located at 1.1500 (psychological level) ahead of 1.1520/30 (20-period SMA, static level) and 1.1550 (50-period SMA).
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