The EUR/USD currency pair experienced a depreciation after modest gains in the previous session, trading around 1.1610 during Asian hours on Thursday [1]. Technical analysis indicates a persistent bearish bias, with the pair remaining within a descending channel pattern on the daily chart [1]. The 14-day Relative Strength Index (RSI) has retreated toward the low-30s from previously overbought readings, confirming increasing selling pressure rather than a mere consolidation above prior highs [1].
The near-term bias for EUR/USD has turned bearish, as the pair slipped below the nine-day Exponential Moving Average (EMA) and now trades under the flatter 50-day EMA, signaling a loss of upside momentum from the earlier advance [1]. The pair may navigate the region around the seven-month low of 1.1468, followed by the lower boundary of the descending channel around 1.1450 [1]. On the upside, initial resistance lies at the nine-day EMA of 1.1705, followed by the 50-day EMA at 1.1758 and the upper descending channel boundary around 1.1800 [1]. Further advances above the channel would cause the emergence of a bullish bias and support EUR/USD to explore the region around 1.2082, the highest level since June 2021 [1].
No explicit market reactions or analyst opinions are mentioned in the article, and there are no forward-looking statements regarding economic data or ECB policy beyond technical chart levels [1].
CONCLUSION
EUR/USD is exhibiting a persistent bearish bias, trading near 1.1610 and facing increasing selling pressure as indicated by technical signals. The pair may test lower levels around 1.1468 and 1.1450 if the bearish momentum continues. Resistance levels are noted at 1.1705, 1.1758, and 1.1800, with a potential bullish reversal only if these are breached.