EUR/USD has retraced around 1.15% following the French presidential election result.
Its retracement has held above the support line at 1.0850 formed yesterday.
The 4-hourly chart is showing that the 10 SMA is crossing over the 20 SMA suggesting that bearish momentum is waning.
The daily Stochastic Oscillator reading is below 20 further suggesting a rebound.
However, if the support line at 1.0820 is broken then we can expect an extended downtrend.
We will see the release of a set of crucial US data for April at 13:30 BST today; retail sales, retail sales excluding autos, CPI and core CPI. Please be aware that it will likely affect USD and USD crosses along with commodities.
With better-than-expected readings it will likely weigh on EUR/USD and tests supports.
With lower-than-expected readings it will likely push EUR/USD up and tests resistances.
The resistance level is at 1.0880, followed by 1.0900 and 1.0930.
The support line is at 1.0850, followed by 1.0835 and 1.0820.