EUR/USD slumps below the round-level support of 1.0700. The major currency pair weakens after failing to hold the Symmetrical Triangle breakout formed on a daily time frame, suggesting that the overall trend has turned bearish. The shared currency pair has now returned inside the triangle formation and is expected to find support at 1.0636, near the upward-sloping order of the chart pattern plotted from 3 October 2023 low at 1.0448.
The long-term outlook of the pair has also turned negative as prices dropped below the 200-day Exponential Moving Average (EMA), which trades around 1.0800.
The 14-day Relative Strength Index (RSI) falls below 40.00. Momentum could turn bearish if the RSI sustains below this level
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