EUR/USD Price Analysis: Bearish momentum intact below 1.1700

• EUR/USD continues to trade lower following the previous week’s downside momentum.
• Bulls lack the strength to hold above 1.1700, look for more downside.
• Momentum oscillator throws caution for aggressive buying bids.

EUR/USD edges lower in the Asian trading hours as the week begins. The pair moves in a very narrow trade band with no meaningful traction.

At the time of writing, EUR/USD is trading at 1.1693, down 0.04% for the day.

EUR/USD daily chart

On the daily chart,  after making a high at 1.1908 on July 30, the pair has been under strong selling pressure.

The descending trendline from the mentioned level acts as a barrier for the bulls.

 If price breaks and sustains below the session’s low at 1.1693, it could be further corrected up to the 1.1670 horizontal support level.

The Moving Average Convergence Divergence (MACD) indicator offers potential for more downside as it remained in the oversold zone with a bearish bias. Any downtick in the MACD  could entice the levels last seen in November 2020.

EUR/USD bears would test November 2020  low at 1.1602 followed by the 1.1575 horizontal support level.

Alternatively, if price moves higher, then it could reverse back to the 1.1715 horizontal resistance level.

The price action would then target the high made on August 18 at 1.1742 followed by the 1.1760 horizontal resistance level.

EUR/USD additional level