EUR/USD Price Analysis: Pair slides below 1.0300, indicators lose steam

EUR/USD declines by 0.48% on Wednesday, settling near 1.0295 after failing to break above the 20-day SMA.
RSI falls sharply to 39 in negative territory, revealing intensified selling pressure.
MACD histogram prints decreasing green bars, suggesting waning bullish momentum and a renewed downside tilt.

Patricio Martín FXStreet

EUR/USD struggled on Wednesday, shedding 0.48% to trade around 1.0295. This latest drop underscores the pair’s inability to sustain any meaningful recovery, as multiple attempts to breach the 20-day Simple Moving Average (SMA) since early 2025 have been met with forceful selling. As a result, bullish momentum appears to be receding, leaving sellers firmly in control of the near-term price action.

Technical readings paint a downbeat picture. The Relative Strength Index (RSI) has dropped to 39, reinforcing the notion that downward pressure is picking up pace. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram shows a decline in green bars, hinting that any previous efforts by buyers have begun to fade. Despite these setbacks, a definitive move above the 20-day SMA would still represent the clearest signal of a reversal, should buyers regroup and attempt another push higher.

Until that materializes, however, the path of least resistance remains tilted to the downside. Traders will keep a close watch on incoming macro catalysts and price action around the 20-day SMA for early signs of a possible turnaround.

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.

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