The EUR/USD pair halted its four-day losing streak, trading near 1.0270 during the Asian session on Friday. A review of the daily chart shows a persistent bearish bias, with the pair moving down within a descending channel pattern.
The 14-day Relative Strength Index (RSI), a key momentum indicator, is hovering near the 30 level, indicating oversold conditions and a possible upside correction in the near term. However, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, signaling weaker near-term price momentum and reinforcing the overall bearish sentiment.
The EUR/USD pair could find key resistance levels around the nine-day Exponential Moving Average (EMA) at 1.0350, followed by the 14-day EMA at 1.0379. If the pair breaks through this level, it could reach the upper boundary of the descending channel at 1.0470, with further upside potentially extending to a seven-week high of 1.0630.
On the downside, the EUR/USD pair could hover around the psychological support level of 1.0000, followed by the lower boundary of the descending channel at 0.9970. A decisive break below 0.9970 could intensify the bearish bias, potentially pushing the pair further down to test 0.9730, the lowest level seen since November 2022.
Source: FXStreet
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