On the four-hour chart, EUR/USD seems to have broken the ascending trend line coming from mid-October. Additionally, the Relative Strength Index (RSI) indicator on the same chart dropped below 50, confirming the bearish shift in the near-term outlook.
Currently, EUR/USD is testing the 100-period SMA at 1.1600 and a daily close below that level could open the door for additional losses toward 1.1570 (static level) and 1.1525 (2021 low).
On the other hand, 1.1620 (Fibonacci 23.6% retracement September downtrend, 50-period SMA) aligns as the initial resistance before 1.1650 (200-period SMA) and 1.1670 (Fibonacci 38.2% retracement).
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