EUR/USD Price Analysis: Range breakdown suggests deeper losses likely

EUR/USD has dived out of an ascending channel on the hourly chart.
With bears in control, a convincing move under 1.08 looks likely.

EUR/USD dropped from 1.0823 to 1.0806 during the 60 minutes to 00:00 UTC, confirming a downside break of the sideways channel on the hourly chart.

The range breakdown has revived the bearish view put forward by the breach of the trendline rising from March 22 and April 6 lows and has opened the doors for a convincing break below 1.08. Below the psychological level, a horizontal support line is seen at 1.0768.

Supporting the bearish case is the below-50 reading on the 14-day relative strength index.

On the higher side, a convincing move above 1.09 is needed to put the bulls back into the driver's seat.

Hourly chart

Trend: Bearish

Technical levels

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