- EUR/USD falls for the fourth straight session before a modest rise to 1.0310 on Friday.
- The Relative Strength Index is hovering at 33, approaching the oversold zone amid continued downward pressure.
The EUR/USD pair continued its decline to new lows not seen since November 2022, briefly falling below 1.0250 on Friday and the pair is recording a four-day losing streak, reflecting the overall negative tone in recent sessions. The sellers appear to be firmly in control, with any bullish attempts so far failing to produce a significant shift in trend.
Technical indicators confirm the prevailing downside risks. While the Relative Strength Index (RSI) at 33 is approaching oversold territory, its downward trajectory indicates that buyers lack conviction. Meanwhile, the Moving Average Convergence-Divergence (MACD) histogram has turned further bearish, printing bullish red bars and indicating an acceleration of negative momentum.
In terms of key levels, immediate support is seen near the 1.0250 mark, and a break below this low would expose the 1.0220 area or perhaps lower. On the other hand, if EUR/USD can rise above 1.0350, this could ease some selling pressure and open the door towards the 1.0380 resistance area, where a more sustained recovery attempt may gain strength.