- EUR/USD has declined by over 100 pips over the past five trading days.
- The daily chart indicators signal scope for deeper declines.
EUR/USD looks set to extend the recent sell-off, as the MACD histogram, an indicator used to gauge trend strength and trend changes, has crossed into a bearish territory below zero.
The 14-day relative strength index, too, is biased bearish with a below-50 print.
The pair is currently trading near 1.17 – down 130 pips from the high of 1.1831 registered last Friday. Support is seen at 1.1612 (Sept 25 low) and 1.1602 (100-day SMA).
On the higher side, a close above last Friday’s high of 1.1831 is needed to invalidate bearish pressures and put the bulls back into the driver’s seat.
Daily chart
Trend: Bearish
Technical levels
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