EUR/USD Technical Analysis: Further selling should see 1.0839 re-tested in the near term. Rebound not ruled out on ‘oversold’ condition

• EUR/USD is intensifying the leg lower today, extending the recent breakdown of the psychological support at 1.10 the figure.
• The persistent offered bias carries the potential to drag the pair to 1.0839, where is located the May 2017 low.
• Spot has moved into the ‘oversold’ territory as per the RSI, allowing the possibility of some near term rebound. If that is the case, interim resistance should emerge at the 10-day SMA at 1.1051 ahead of the 21-day SMA at 1.1104.

EUR/USD daily chart