The EUR/USD pair closed a third consecutive day below the 0.9900 level and near a fresh weekly low of 0.9821, which lifts the risk of a bearish extension in the upcoming sessions. Technically speaking, the pair is breaking below the 50% retracement of its latest daily advance between 0.9630 and 1.0093 at 0.9856, another bearish hint. The daily chart shows that the pair is currently battling a flat 20 SMA while a bearish 100 SMA heads firmly lower at around 1.0065. Finally, technical indicators resumed their declines, with the Momentum just above its 100 level and the RSI already below its midline.
The 4-hour chart favors a bearish extension, particularly if the pair breaks below the 0.9800 price zone. Technical indicators have gained bearish strength within negative levels, supporting further declines, while a firmly bearish 20 SMA continues to reject buyers.
Support levels: 0.9800 0.9760 0.9615
Resistance levels: 0.9865 0.9910 0.9970