EUR/USD: Oversold conditions

EUR/USD has extended its falls, hitting a new 34-month low. Thursday's four-hour chart is pointing to oversold conditions, according to Yohay Elam from FXStreet. 

Key quotes

“The Relative Strength Index on the four-hour chart is below 30 – indicating oversold conditions and a potential upswing.”

“The currency pair continues suffering from downside momentum and trades below the 50, 100, and 200 Simple Moving Averages on the four-hour chart.”

“Support awaits at 1.0777 – the fresh low and the bottom-end of the Macron Gap. It is followed by 1.0720.”