The bearish case for EUR/USD remains firmly in place. The weekly chart shows that technical indicators maintain their downward slopes near oversold readings, without signs of bearish exhaustion. The 20 SMA heads south well below the longer ones, supporting a bearish continuation on a break below the 1.0760 price zone, a strong static support level. In such a case, the pair could retest March 2020 low at 1.0635.

According to technical readings in the daily chart, the pair is also on the bearish path. EUR/USD is developing below all of its moving averages, with the 20 SMA accelerating south below the longer ones. In the same chart, technical indicators resumed their slides within negative levels and are still holding above oversold readings.

In the case of a recovery, the first relevant resistance area comes at 1.0930, where sellers will likely add shorts. The corrective advance could extend up to the 1.1000 figure if somehow the pair manages to break above the aforementioned 1.0930 price zone.

The pair is seen on average at 1.0787 in the weekly perspective, with 67% of the polled experts betting on a decline. The sentiment is bullish in the monthly and quarterly view, as the number of those looking for higher levels are way above those seeing the pair lower. Nevertheless, the pair is hardly seen beyond the 1.1200 level.

The Overview chart offers quite a bearish picture, as all the moving averages under study head firmly lower. The number of those looking for a slide towards 1.0600 or below continues to increase in the monthly and quarterly views, hinting at strong selling interest.

EURUSD Not Ready For Potential Bottom Yet

Apr 16 2022