EUR/USD Technical Analysis

Source: Dukascopy Bank SA
EUR/USD is currently in a sustained daily downtrend trading well below its declining 26-day SMA at 1.13415, but it is attempting to consolidate near the 1.1150–1.1188 demand zone after an extended selloff. Momentum is heavily stretched with an oversold RSI of 28.68, signaling that downward pressure is exhausting and a technical relief bounce toward the previous support-turned-resistance near 1.1340–1.1370 is possible. However, unless price reclaims that moving average barrier, the broader bias remains decisively bearish, with a breakdown below 1.1150 exposing the major horizontal support level and descending channel boundary at 1.1000.

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