EUR/USD Price Analysis: Sellers push further as correction deepens
- EUR/USD is trading around the 1.0830 zone, marking a sharp daily decline.
- The pair continued its correction as expected, shedding further ground with sellers eyeing a potential test of the 1.0800 area.
EUR/USD moved lower on Thursday after the European session, falling toward the 1.0830 region as bearish pressure intensified. The pair extended its decline following recent signals of an overextended bullish run, with sellers pushing toward key downside levels.
The technical setup shows increasing downside momentum. The Relative Strength Index (RSI) is in positive territory but declining sharply, reflecting waning buying interest. Meanwhile, the Moving Average Convergence Divergence (MACD) is printing decreasing green bars, reinforcing the bearish outlook.
On the downside, immediate support is at 1.0800, a level that sellers may target next. A break below this threshold could accelerate bearish momentum, exposing the 1.0765 area. To the upside, resistance is seen near 1.0885, followed by a stronger cap at 1.0920. That being said, a looming bullish crossover between the 20 and 100-day SMAs at round 1.0700 might give the bulls an edge over the sellers.
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.
