• EUR/USD is currently navigating the 1.0830 region, witnessing a noticeable dip today.
• As anticipated, the pair’s correction continues to unfold, pushing lower as sellers now have their sights set on potentially testing the 1.0800 level.

EUR/USD experienced downward pressure on Thursday after the European trading session concluded, sliding towards the 1.0830 area as bearish momentum gained traction. This move extends the pair’s pullback following recent indications that its bullish run might have been a bit overstretched, with sellers now actively steering the price towards crucial lower boundaries.

A look at the technical indicators reveals increasing momentum to the downside. The Relative Strength Index (RSI), while still in positive territory, is showing a sharp decline, suggesting that buying interest is indeed waning. Adding to this bearish sentiment, the Moving Average Convergence Divergence (MACD) indicator is displaying green bars that are getting smaller, further supporting the potential for continued downward movement.

When considering potential drops, immediate support can be found at 1.0800 – a level that sellers are likely targeting as the next key area. Should this level break, it could really accelerate the bearish trend and potentially expose the 1.0765 region. Turning to the upside, resistance is initially observed around 1.0885, followed by a more significant barrier at 1.0920. However, it’s worth noting that there’s a potential bullish development brewing – a possible crossover between the 20 and 100-day Simple Moving Averages (SMAs) around the 1.0700 mark, which could ultimately give bulls a stronger hand against the sellers down the line.

EUR/USD daily chart