The Euro closed out the week on a downward note, reflecting substantial losses of more than 1.74% against the US Dollar and a 0.84% decline for the day alone. The EUR/USD pair has endured four consecutive bearish days, particularly after it slipped beneath the crucial 200-day Simple Moving Average (SMA) level of 1.1672, adopting a distinctly bearish outlook.
Currently, the EUR/USD is trading at 1.1414, with the weekly chart indicating a troubling trend as the pair dips below the 1.1450 mark, potentially paving the way for additional losses. The downward momentum is further corroborated by the Relative Strength Index (RSI) which has remained negative for three weeks, falling below the neutral 50 level. The prevailing sentiment suggests that further depreciation is likely for the EUR/USD pair.
Technical analysis indicates that the immediate support level to watch is at 1.1400, followed by a critical level at 1.1300. If these thresholds are breached, the next significant support area could be the 100-week SMA, which sits at 1.1165.
Daily analysis reinforces this bearish sentiment, with the daily chart highlighting that the initial support level is the swing low from August 1, 2025, at 1.1391. A fall below this level could trigger a subsequent decline towards the May 29, 2025, daily low at 1.1210. Should weakness persist, attention will turn to the May 12, 2025, bottom, which is positioned at 1.1065.
In a broader context, the Euro has shown varying performance against other major currencies over the week. In relative strength, it performed best against the New Zealand Dollar. The percentage changes against various currencies reflect a mixed but overall negative trajectory for the Euro, with notable declines against the US Dollar, British Pound, and Japanese Yen, while maintaining a slightly stronger position against the New Zealand Dollar.
The accompanying table illustrates the percentage changes for the Euro against a selection of major currencies, highlighting the nuances of its week-long performance. The heat map visually encapsulates these variations, providing a clear comparative snapshot of how the Euro fared against its counterparts throughout the week.
