EUR/USD fell further on Thursday, deepening losses after breaking below 20 SMA.
The RSI remains flat in negative territory, indicating continued bearish momentum.
The MACD histogram continues to record decreasing positive bars, highlighting that bullish momentum is waning.
The EUR/USD pair extended its decline on Thursday, sliding to 1.0500, further away from its 20-day SMA. The continued loss of key technical support highlights the bearish outlook, with the pair struggling to find any signs of recovery.
Technical indicators remain consistent with the bearish trend. The RSI remains flat at 40, firmly in negative territory, reflecting continued selling pressure and lack of bullish momentum. Meanwhile, the Moving Average Convergence Divergence (MACD) histogram continues to show decreasing green bars, which means a continued fading of bullish followers.
The pair is trading below the 20-day EMA near 1.0530, with downside risks still prominent. Near-term support is located at the psychological level of 1.0500, followed by the 1.0480 area. To negate the bearish bias, EUR/USD needs to reclaim the 20-day EMA and break above 1.0600 to restore the constructive outlook and revive the bullish action.
EUR/USD daily chart
