EUR/USD Technical analysis

Source: Dukascopy Bank SA
EUR/USD 1-hour chart currently exhibits a bearish technical shift as the price has broken and sustained a position below the 90-period Simple Moving Average at 1.1743, which is now functioning as a level of dynamic resistance. This breakdown is further supported by the RSI 30 reading of approximately 40.11, indicating that while the market is not yet oversold, downward momentum is clearly accelerating. Price action shows the pair is struggling to maintain its footing after retreating from the 1.1800 psychological ceiling, and it is presently testing a minor horizontal support level near 1.1713. If this immediate floor fails to hold, the technical outlook suggests a move toward the 1.1700 psychological mark or the deeper structural support at 1.1682.



Consequently, the short-term sentiment remains negative unless the price can reclaim the SMA 90 and the 1.1736 resistance level to stabilize the trend.

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