The currency pair falls below its 200-day moving average and 38.2% retracement level, targeting lower support zones.
EURUSD dropped below the critical 1.1681 level, a convergence of its 200-day moving average and the 38.2% retracement of its March rally. Sellers have maintained pressure for hours, contrasting with prior brief dips that quickly reversed.
The pair previously tested this zone on April 29-30 and May 5, rebounding sharply each time. However, sustained selling now points to potential downside targets, including the 1.1637-1.1646 swing area and the 50% retracement at 1.16287.
A close below 1.1681 could reinforce bearish momentum, while a recovery above it may prompt short-covering. Buyers have yet to counter the current downward push.