- EUR/USD accelerates losses and drops to new cycle lows.
- Below the YTD low comes the December 2002 low at 0.9859.
EUR/USD resumes the leg lower and breaks below the 0.9900 level to reach new 2-decade lows in the 0.9880/75 band on Monday.
The continuation of the downtrend could not be ruled out just yet, as the daily RSI around 36 still allows for some weakness prior to reach the oversold territory.
Against that, the next support of note comes at 0.9859 (December 2002 low) seconded by 0.9685 (October 2002 low).
In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0787.
EUR/USD daily chart