EUR/USD Price Analysis: Pair slips to 1.0500, deepens losses below 20-day SMA
- EUR/USD declines further on Thursday, deepening losses below the 20-day SMA.
- RSI remains flat at in negative territory, signaling persistent bearish momentum.
- MACD histogram continues to print decreasing green bars, highlighting fading bullish traction.
The EUR/USD pair extended its downside on Thursday, slipping to 1.0500 and further distancing itself from the 20-day Simple Moving Average (SMA). This sustained loss of key technical support underscores the bearish outlook, with the pair struggling to find any signs of recovery.
Technical indicators remain aligned with the bearish trend. The Relative Strength Index (RSI) is flat at 40, firmly in the negative territory, reflecting ongoing selling pressure and the lack of bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram continues to show decreasing green bars, signaling a persistent fade in bullish traction.
With the pair trading below the 20-day SMA near 1.0530, the downside risks remain prominent. Immediate support lies at the psychological level of 1.0500, followed by the 1.0480 area. To negate the bearish bias, EUR/USD would need to reclaim the 20-day SMA and break above 1.0600 to reinstate a constructive outlook and revive bullish momentum.
EUR/USD daily chart
Reprinted from FXStreet_id，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.