EUR/USD has broken down from its recent highs near the 1.1750 resistance area, which coincides with the 78.6% Fibonacci retracement level. The pair is now trading around the 1.1600 handle, slipping below a short-term support zone near 1.1576. This breakdown signals potential continuation of bearish pressure in the coming sessions.
The 50-day SMA (1.1477) remains upward sloping, but the price action has now decisively turned lower, with a series of lower highs forming after the July peak. The MACD histogram is fading, indicating waning bullish momentum, and the RSI has dropped to 47.7—losing the bullish bias and heading toward bearish territory.
If EUR/USD cannot reclaim the 1.1576–1.1600 zone quickly, a deeper pullback toward the 50-day SMA or even the 1.1450–1.1500 range may unfold. On the upside, bulls would need to push back above the 1.1750 resistance to regain control, but given the loss of momentum and structure, the near-term bias favors the bears.
-MW
The 50-day SMA (1.1477) remains upward sloping, but the price action has now decisively turned lower, with a series of lower highs forming after the July peak. The MACD histogram is fading, indicating waning bullish momentum, and the RSI has dropped to 47.7—losing the bullish bias and heading toward bearish territory.
If EUR/USD cannot reclaim the 1.1576–1.1600 zone quickly, a deeper pullback toward the 50-day SMA or even the 1.1450–1.1500 range may unfold. On the upside, bulls would need to push back above the 1.1750 resistance to regain control, but given the loss of momentum and structure, the near-term bias favors the bears.
-MW
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.