EUR/USD - the euro is somewhat rangebound, key resistance along the 200MA. A move below €1.0850 could see a further decline

Euro trading at around €1.0870 against the dollar. We can see that on the 4-hourly timeframe, it’s a little rangebound between €1.0850 and €1.0910, it has tried to move higher towards the 200-day MA but resistance is overpowering for the time being. A move and close above the 200MA would be required to shift sentiment in the euro’s favour, with then a potential target up to €1.0970-€1.0980. However, if there was a move below €1.0850 then this would indicate that the dollar is to strengthen further. In such a scenario, the channel on the chart would be the area that the forex pair would likely head towards. Potentially for a test of support in between €1.0780-€1.0740. Looking at the technical indicators, we can see the MACD seems like it may now turn negative but the RSI is practically neutral as it reads 44.