EUR/USD Tumbles Under Sustained Selling Pressure

The EUR/USD exchange rate has continued its downward trend, with bearish technical signals persisting. The current price of $1.1375 reflects a decline of -0.007420 from yesterday's value. This movement is supported by the pair remaining below all major moving averages, indicating ongoing selling pressure.

The EUR/USD trades below 20-, 50-, and 200-day moving averages at $1.1559, $1.1564, and $1.1593 respectively. Momentum indicators such as MACD, ADX, and RSI are all pointing to a strong negative trend, with the RSI reading of 29.62 indicating oversold conditions.

The analysis suggests that there is an over 80% probability of further downside movement in the next five days, with a target range of $1.1334 to $1.1448. However, traders also note a 20% likelihood of a rebound.