• EUR/USD accelerates the decline and drops to 1.0890.
• The following contention area appears around 1.0830.

The pessimism around EUR/USD gathers further traction in the second half of the week and drags the pair back to the 1.0890 region, or multi-week lows, on Friday.

If bears remain in control, spot could initially revisit the interim 55-day SMA at 1.0847 ahead of the weekly low at 1.0831 (April 10).

Looking at the longer run, the constructive view remains unchanged while above the 200-day SMA, today at 1.0451