EUR/USD Price Analysis: Fifth consecutive drop threatens deeper lows
- EUR/USD declines on Monday, settling near 1.0210 as its losing streak stretches to five days.
- RSI drops to 32, hovering close to oversold territory, while the MACD histogram prints rising red bars.
- The pair dives below 1.0250, marking the lowest level since November 2022 and signaling persistent bearish pressure.
EUR/USD extended its downward spiral on Monday, shedding another 0.39% to settle near 1.0210. This marks the fifth consecutive session of losses, with the pair continuously probing fresh lows not seen since November 2022. Sellers appear firmly in control, as the recent slide shows little sign of abating, despite mounting oversold signals.
On the technical front, the Relative Strength Index (RSI) has slipped to 32, teetering on the edge of oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram exhibits rising red bars, underscoring the intensifying negative momentum. These readings point to a market that is ripe for a potential correction, yet the absence of convincing buyer interest thus far keeps the overall outlook biased to the downside.
Looking ahead, immediate support is pegged around the 1.0200 handle, with a further drop potentially exposing the 1.0150 region. In contrast, an upward retracement might face resistance near 1.0250, and any break above 1.0300 could spark a short-term relief rally.
EUR/USD daily chart
Author
Patricio Martín
FXStreet
Patricio is an economist from Argentina passionate about global finance and understanding the daily movements of the markets.
