The EURUSD currency pair has exhibited a sustained downtrend, further confirmed by a bearish technical pattern: the Death Cross. This occurs when the 20 MA crosses below the 60 MA, signaling a strong sell indication and a continuation of bearish momentum.
Recently, EUR/USD attempted a pullback, briefly retracing higher. However, this recovery stalled at the 50% Fibonacci retracement level, a key resistance point, where selling pressure resumed. Failing to break above this level reaffirmed the dominance of the downtrend, leading the price to continue its slide.
Looking ahead, the bearish momentum suggests that the downtrend may extend further, with a key support level looming at 1.0510. A break below this critical threshold could open the door for additional declines, potentially accelerating the bearish move. Traders monitoring this pair may view any attempts to rally as opportunities to enter short positions, aligning with the prevailing downward trajectory confirmed by the Death Cross and other technical signals.
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