The currency pair trades below critical support levels and moving averages, signaling potential further downside pressure.
EUR/USD fell below a contracting triangle pattern, with support at 1.1595, extending its recent decline. The pair now trades beneath both the 100-period and 200-period simple moving averages on the 4-hour chart, reinforcing bearish momentum.
Recent price action follows a break of technical support levels, with the 100-SMA (red) and 200-SMA (green) acting as resistance. The pair’s inability to reclaim these averages suggests weakening bullish sentiment.
Market focus remains on whether the downtrend will accelerate or if a rebound materializes near current levels.