Pronounced downward pressure on the EUR/USD continues ahead of the US session, with the pair extending to a week-long low of 1.4316 as it appears to target the technical support level of 1.4300. Overall the pair is off around 100 pips from the day´s opening price, and around 150 from a daily high of 1.4465. Giving a more technical perspective, 4 hours chart shows the bearish momentum increasing with current candle opening below 200 EMA, and both indicators heading south; smaller time frames show extreme oversold conditions suggesting some consolidation before further slides: expect the pair to remain trading below 1.4390 price zone, while a downside acceleration and a break below 1.4315, should trigger a continuation rally towards 1.4250 strong support zone, probable bottom for today.
