EUR/USD faces pressure in an attempt to surpass the immediate resistance of 1.0740. The downward-sloping border of the Symmetrical Triangle formation on a daily time frame, plotted from 28 December 2023 at 1.1140, is acting as a major barrier for the Euro bulls.
The major currency pair is expected to find support at 1.0636, near the upward-sloping order of the chart pattern plotted from 3 October 2023 low at 1.0448 and the horizontal cushion plotted from April 16 low around 1.0600.
The long-term outlook of the shared currency pair has also turned negative as prices dropped below the 200-day Exponential Moving Average (EMA), which trades around 1.0800.
The 14-period Relative Strength Index (RSI) falls below 40.00. Momentum could turn bearish if the RSI sustains below this level.
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