The EUR/USD pair trades around 1.1380, and the daily chart shows the slide could continue, although the risk of a steeper slide is well-limited. The pair trades above all its moving averages, with a flat 20 Simple Moving Average (SMA) providing support in the 1.1270 price zone. At the same time, the 100 SMA keeps advancing beyond a directionless 200 SMA, both far below the shorter one. Finally, technical indicators turned modestly lower but remain well into positive territory, reflecting the ongoing slide but far from suggesting mounting selling interest.
The near-term picture is pretty similar, with EUR/USD aiming to extend its decline, yet with limited downward scope. In the 4-hour chart, the pair is currently battling a bullish 20 SMA, which advances beyond directionless 100 and 200 SMAs. The Momentum indicator turned flat just above its 100 level after correcting overbought conditions, while the Relative Strength Index (RSI) indicator heads south, yet remains above its midline.
The near-term picture is pretty similar, with EUR/USD aiming to extend its decline, yet with limited downward scope. In the 4-hour chart, the pair is currently battling a bullish 20 SMA, which advances beyond directionless 100 and 200 SMAs. The Momentum indicator turned flat just above its 100 level after correcting overbought conditions, while the Relative Strength Index (RSI) indicator heads south, yet remains above its midline.
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