EUR/USD Slumps Amid Stronger US Dollar

The EUR/USD pair remains under pressure on Wednesday, weighed down by a stronger US dollar. As a result, the Euro is on track for a loss of more than 2% in September, with the current price hovering around 1.1337.

A look at the monthly chart shows that while the pair trades above both the 50-period and 100-period Simple Moving Averages (SMAs), it remains below the 200-period SMA. Momentum indicators are also mixed, with the Relative Strength Index (RSI) hovering around the neutral 50 level and the Moving Average Convergence Divergence (MACD) slightly in negative territory.

The daily chart paints a more bearish picture, with EUR/USD trading below all three SMAs. The RSI has fallen deep into oversold territory near 23, while the MACD remains below zero. This suggests that selling pressure is dominant, although oversold conditions could trigger a short-covering bounce.

Immediate resistance on the topside appears at the 1.1400 psychological mark, followed by 1.1470. A stronger recovery would bring the 100-day SMA at 1.1521 and the 50-day SMA at 1.1532 into focus. On the downside, support is seen at Tuesday's low of 1.1312, with a break below this level reinforcing the bearish trend.