• EUR/USD loses upside momentum after climbing to 1.0030.
• Another test of the 0.9900 region appears well on the cards.

EUR/USD quickly fades the earlier uptick to the area north of the parity level, or new 3-day highs.

The lack of conviction of the earlier bullish attempt leaves the door open to the resumption of the downtrend. Against that, another visit to cycle lows around 0.9900 remains in store in the not-so-distant future. A drop below the 2022 low at 0.9899 (August 23) could sponsor a deeper pullback to the December 2002 low at 0.9859.

In the longer run, the pair’s bearish view is expected to prevail as long as it trades below the 200-day SMA at 1.0832.

EUR/USD daily chart