• Failing to sustain above 50% Fibo retracement at 1.1150 has brought offers for the asset.
• The slippage of the RSI (14) below 40.00 has confirmed the bearish bias.
• The 50- and 200-period EMAs are scaling lower, which adds to the downside filters.

The EUR/USD pair has witnessed a bloodbath after breaking below the previous consolidation, which placed in a range of 1.1028-1.1054 on Friday. The asset is expected to extend weakness after slipping below Monday’s low at 1.0970.

On a four-hour scale, the asset has sensed an intensified selling pressure after failing to sustain above the 50% Fibonacci retracement (placed from February 10 high at 1.1495 to March 7 low at 1.0806) at 1.1150. The asset is trading around the demand zone which is placed in a narrow range of 1.0945-1.0966.

The 50- and 200-period Exponential Moving Averages (EMAs) at 1.1040 and 1.1087 respectively are scaling lower, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has tumbled below 40.00, which signals more pain ahead.

Further slippage below the demand zone at 1.0945-1.0966 will bring offers for the asset, which will drag the major towards the March 14 lows and March lows at 1.0900 and 1.0806 respectively.

However, violation of the 50-EMA at 1.1040 will send the asset towards the 200-EMA at 1.1087. A breach of the latter will drive the shared currency towards a 50% Fibo retracement at 1.1150.

EUR/USD four-hour chart