EUR / USD technical analysis: outlook becomes more bearish

Technical analysis of EUR / USD

So far, this month has been good for the EUR / USD bulls, with the price steadily rising from the March 31 low of $ 1.1704.

However, this looks like just a rally in a broader downtrend and the rally is already running out of steam, suggesting that the long-term downtrend may soon resume.

The price in euros will fall

April has so far been a favorable month for the EUR / USD bulls, with the price steadily rising since hitting its recent low of $ 1.1704 on March 31. However, the pair has been moving sideways in the past couple of days, which suggests that the long-term decline since it hit $ 1.2243 on Feb 25 may resume soon.

EUR / USD price chart, daily chart (December 7, 2020 – April 8, 2021)