EUR/USD Price Analysis: Bearish momentum intact below 1.1750

• EUR/USD continues to trade lower following the previous session’s downside momentum.
• Pair finds it difficult to hold near 1.1750, lacks upside potential.
• Momentum oscillator throws caution for aggressive buying bids.

EUR/USD edges lower in the Asian trading hours. The pair moves in a very narrow trade band with no meaningful traction.

At the time of writing, EUR/USD is trading at 1.1735, down 0.01% for the day.

EUR/USD daily chart

On the daily chart, the pair has been under strong selling pressure for the previous two months after making a high near 1.2218 on June 9.

If price breaks and sustains below the session’s low at 1.1732, it could be further corrected up to the low in the vicinity of the 1.1710 area made on April 1.

The Moving Average Convergence Divergence (MACD) indicator offers potential for more downside as it remained in the oversold zone with a bearish bias.

A decisive break of the crucial 1.1700 would entice the levels last seen in November 2020.

EUR/USD bears would test the 1.1685 horizontal support level followed by the low of November 4, 2020, at 1.1602.

Alternatively, if price can sustain near the 1.1730 level, then it could reverse back to the 1.1765 horizontal resistance level.

The price action would then target the 20-day Simple Moving Average (SMA) at 1.1820 followed by the 1.1850 horizontal resistance level.

EUR/USD additional levels