Forex
EUR/USD Selloff Nears Critical Yearly Support
The EUR/USD has been on a downward trend since its August high, falling more than 2.9%. The pair is now approaching critical yearly support near the low-day close of the year.
The decline has taken momentum into oversold territory with the daily RSI trading at its lowest levels since June. Price has fallen seven out of the past nine days and is poised for a third consecutive weekly loss.
A break below this support zone would strengthen the case for another leg lower, while a recovery through near-term resistance could suggest a more meaningful low is forming.