EUR/USD Price Forecast: Bears crack 100-day SMA, eye 1.1500

The Euro extends its losses against the US Dollar, sliding below the 100-day Simple Moving Average (SMA) at 1.1555, opening the door to further downside, with sellers setting their sights on Monday’s low of 1.1523. The EUR/USD trades at 1.1548, slightly above the 50-day SMA of 1.1530.

EUR/USD Price Forecast: Technical Outlook

The pair seems poised to consolidate in the short-term, finding support at the 50-day SMA, but the rally was capped by the 100-day SMA. Momentum, as measured by the Relative Strength Index (RSI), is bearish and trending lower, indicating that sellers are strengthening.

If the EUR/USD dives below the 50-day SMA, it opens the door to challenge 1.1500. A breach of the latter will expose the 1.1450 psychological milestone and the July 28 swing low at 1.1353. On further weakness. The year-to-date (YTD) high is up next at 1.1324.

On the other hand, if EUR/USD is set for a recovery, buyers must reclaim the 100-day SMA at 1.1555. On further strength, the next area of interest is 1.1600, immediately followed by the 200-day SMA at 1.1632 and by 1.1650.

EUR/USD Price Chart – Daily