EUR/USD Price analysis: bulls lose strength as correction develops

• The EUR/USD was observed by quoting around the 1.0895 area after the European session, registering a slight decrease.
• The PAR confirms a corrective phase as buyers lose control, with the recent price action suggesting a greater decrease.
• The RSI is leaving the overcompra zone, pointing out the potential of extended losses if bassist Momentum accumulates.

The EUR/USD moved downward on Wednesday after the European session, going back to the area of ​​1,0895 after recent strong profits. The correction of the torque was largely anticipated, since the Momentum indicators showed signs of overcompra at the beginning of the week.

From a technical perspective, the relative force index (RSI) is falling abruptly, now leaving overbill conditions. This suggests that the sale pressure can persist in the short term. Meanwhile, the convergence/divergence indicator of mobile socks (MACD) is presenting flat green bars, pointing out a possible loss of bullish momentum.

The support is now observed in the 1,0850 zone, with a stronger demand that probably emerges around 1,0800. On the positive side, the resistance is at 1,0950, followed by 1.1000, which remains a key obstacle to buyers.

EUR/USD daily graphics

With the RSI, leaving the overcompra territory, the operators must be attentive to a greater decrease in the next sessions. If the sales pressure intensifies, the EUR/USD could extend the losses to the 1,0800 region, while a recovery would be needed above 1,0950 to rekindle the bullish momentum.