• The EUR/USD pair could test a throwback support at the 1.0670 level.
• The daily chart suggests a bearish bias as the pair consolidates within the descending channel.
• The immediate resistance appears at the 14-day EMA at the level of 1.0743.

EUR/USD extends its losses for the second consecutive day, trading around 1.0710 during the Asian session on Wednesday. A technical analysis of a daily chart suggests a bearish bias for the pair, as it consolidates within the descending channel.

Additionally, the momentum indicator 14-day Relative Strength Index (RSI) is positioned below the 50 level, suggesting a confirmation of a bearish bias for the EUR/USD pair.

The EUR/USD pair could find immediate support at the psychological level of 1.0700. A break below this level could exert downward pressure on the pair to test the throwback support at the level of 1.0670.

Further decline would strengthen the bearish bias and the pair could navigate the region around the lower boundary of the descending channel near the 1.0640 level.