The EUR/USD is in a bearish consolidation phase and so it fluctuates in a narrow range, forming a rectangle formation on the 1-hour chart. The recent failure of a break above the 1.1400 increased selling pressure.
On the hourly/daily chart, the technical indicators are bearish, reinforcing the prospects for further losses and a break in the rectangle support of 1.1290.
With sustained weakness below the above support, with losses accelerating towards 1.1260/50 and multi-month lows of 1.1215.
On the other hand, there is a resistance in the form of the 50-hour SMA of 1.1320/25 and this is overcome, the short-term bearish outlook is mitigated.
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