EUR/USD trades near the 1.1700 level, hovering around its 50-day EMA.

• EUR/USD could linger close to its eight-month low around 1.1411.
• The 14-day RSI, sitting near 48, points to fading bullish momentum and a likely consolidation phase.
• Near-term resistance is located at the 50-day EMA, around 1.1678.

EUR/USD continues to decline for a third straight session, hovering near 1.1660 in Thursday’s Asian trading. Technical signals from the daily chart point to a possible bearish reversal after the pair broke below its ascending channel.

The pair remains slightly below both the 50-day and nine-day EMAs, indicating that near-term upside is limited despite the recent bounce from lower levels. Meanwhile, the 14-day RSI near 48 suggests weakening bullish momentum and a tendency toward consolidation, reinforcing the idea that gains may be capped while price stays beneath these key moving averages.

On the downside, EUR/USD could revisit the eight-month low around 1.1411, last seen on March 13. Immediate resistance is found at the 50-day EMA near 1.1678, followed by the nine-day EMA around 1.1700. A move back into the ascending channel would restore bullish sentiment and open the door to a retest of the two-month high at 1.1849 (April 17), with further upside toward the channel’s upper boundary near 1.1940. A decisive breakout above this zone could pave the way for a climb toward 1.2082, the highest level since June 2021, recorded on January 27.