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EUR/USD Maintains Bearish Momentum even in the Near-term

The EUR/USD has been in a very sharp slide since last week when it broke below 1.1100 into new lows on the year. In the daily chart, we can see a dominant bearish trend based on 1) price action, the moving averages, 2) and the RSI reading. The RSI reading is in the oversold area, but in a sharp downtrend there is no "oversold" per se, and the RSI can stay down below 30 with price continuing lower.

EUR/USD Daily Chart 3/13
(click to enlarge)

What about the near-term? Well, when we look at the 1H chart, we can see a market also dominated by bears based on price action, moving averages and the RSI. However, we are seeing some near-term consolidation.

Price bounced off 1.05 but only to stall around 1.0650. Note that price is still holding under the 50-hour SMA for the most part. This shows that the near-term bearish bias is still in play. Meanwhile, the RSI has tagged 60 and held below. This shows maintenance of the bearish momentum in the near-term. A return below 1.0550, with the 1H RSI falling back below 40 is likely a sign that the market is in bearish continuation with pressure on the 1.05 and below.

EUR/USD 1H Chart 3/13
(click to enlarge)