Next on the downside emerges the 2023 low

The EUR/USD currency pair is currently trading near its 7-week low of 1.0580, as the pair attempts to rebound from this level. This is the lowest level the pair has seen since early January, and if the bearish pressure continues, the pair could extend its decline to the yearly low of 1.0480.

However, the pair still remains in a bullish trend in the long-term, as long as it remains above the 200-day simple moving average, which is currently located at 1.0329. In the short-term, the 100-day simple moving average is at 1.0441, and a break below this level could see the pair fall to the yearly low.

The daily chart of the EUR/USD currency pair shows that the pair has been in a bearish trend since the start of February. The pair has been declining since reaching a high of 1.2090 on the 8th of February, and has since fallen to its current level of 1.0580. The pair has also broken below the 50-day moving average, which is currently located at 1.0730. This suggests that the bearish momentum is likely to continue in the near-term.

In addition, the Relative Strength Index (RSI) has fallen below the 50 level, which suggests that the pair is in a bearish trend. The MACD indicator is also in bearish territory, with the signal line below the zero line.

Overall, the EUR/USD currency pair is likely to remain in a bearish trend in the near-term, as long as the pair remains below the 50-day moving average. A break below the 1.0580 level could see the pair extend its decline to the yearly low of 1.0480. On the other hand, if the pair manages to break above the 50-day moving average, it could signal a potential reversal in the trend.


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