EURUSD has fallen to new session lows, reaching its lowest point since 7 March. The price has dipped below the 61.8% retracement level, with next support targets at 1.07767 and the 200-day moving average at 1.07286.
In the European morning, EURUSD briefly tested previous highs but faced resistance from sellers. This extension lower has broken through critical support levels, indicating a stronger bearish trend compared to earlier dips.
Resistance Zone And Selling Pressure
The area between 1.0804 and 1.08174 is now a resistance zone. Continued pressure below 1.0804 is necessary for sellers to maintain control and potentially reach lower targets.
The downward move in EURUSD has strengthened, with price action decisively breaching prior support zones. The break below the 61.8% retracement level suggests sellers remain in control. With the pair now holding beneath this threshold, focus shifts to the next downside levels—1.07767 followed by the 200-day moving average, currently sitting at 1.07286. A test of these levels is increasingly probable given current momentum.
Earlier in the session, the pair attempted to reclaim higher ground but met firm resistance at previous peaks. This rejection reinforced selling pressure, preventing any sustained recovery. The inability to hold gains and the push to new session lows confirm a prevailing bearish bias.
Monitoring Key Support Levels
Now, attention rests on whether price can sustain its position below 1.0804. That region, extending up to 1.08174, has transitioned into resistance. Buyers must reclaim this area to alleviate downward pressure. Until then, lower prices remain the more likely outcome.
Given recent price movement, traders should be mindful of further declines. The push towards lower support suggests sellers have the upper hand. Unless momentum shifts, attempts at recovery are liable to face fresh selling interest at overhead resistance. The immediate trend remains downward, reinforcing the importance of monitoring price reactions around key levels.
