The EUR/USD pair extended its monthly decline, ending the week a handful of pips above the July low at 1.0833. Without much relevant macroeconomic dat
The EUR/USD pair has been on the back foot ever since hitting 1.1275 on July 18. It has closed in the red for five consecutive weeks, and it stands on the brink of piercing the July monthly low at 1.0833. Nevertheless, there are no signs of downward exhaustion in the long term. On the contrary, it seems the pair could accelerate its slump in the mid-term.
Technical readings in the daily chart for the EUR/USD pair also skew the risk to the downside. The pair posts lower lows and lower highs on a regular basis, while long upward ticks in the daily candles suggest that sellers are happily adding shorts on spikes. Furthermore, the pair slid below a now flat 100 SMA, meeting resistance around it throughout the week. At the same time, the 20 SMA maintains a firmly bearish slope above the longer one, reflecting the dominant trend.
Meanwhile, the Overview chart offers a mostly neutral stance. The weekly moving average turned marginally lower, as most targets accumulate around 1.0800, but the longer moving averages remain flat. In the monthly perspective, most targets accumulate below the 1.1000 threshold, but in the quarterly view, are above such a level, in line with a Euro comeback. Information on these pages contains forward-looking statements that involve risks and uncertainties.
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