Currently, the price of the EUR/USD currency pair is hovering around the level of 1.0780.
Based on technical analysis, the overall trend in the market is showing a downward movement for this currency pair.
One of the commonly used indicators, the Relative Strength Index (RSI), is below the 50 level, indicating a weakening buying momentum in the market.
Additionally, the price of this currency pair is below the 20, 50, and 100 Simple Moving Averages (SMA), confirming that the downward trend is still intact.
The identified sell zone looks solid as price has been respecting multiple times in the past, price trading below the moving averages is a good sign of bearish momentum coming into the market. Let's see how this plays out