EUR/USD grinds to session low as downtrend holds firm

EUR/USD is offering sellers no reason to stand aside, grinding deeper into territory that just weeks ago was firm demand.

The euro has shed nearly 0.9% over the past week, leaving a trail of former supports converted to supply. Today the pair holds near the session low of 1.134765, off the day's high of 1.13604, and nothing in the news flow is interrupting the drift. Prior levels at 1.15541, 1.14799 and 1.14386 have all been cleared on the way down and now represent layered resistance overhead.

From a trend-following standpoint the setup is unambiguous. Trend is aligned down across all three timeframes, with EMA20 at 1.13967, EMA50 at 1.14585 and EMA200 at 1.15878 stacked above price in a clean bearish sequence. Resistance sits at 1.14386, 1.14799 and 1.15541, each a former pivot the pair has already surrendered. Volatility is calm, meaning the move is orderly rather than exhausted, and the trend-following framework rewards staying with the flow. RSI is deeply oversold, which warrants sizing discipline on fresh entries, but in a sustained downtrend oversold conditions tend to resolve lower before reversing.

We lean short and sell rallies into the 1.13967 to 1.14386 zone. A daily close above 1.14386 forces a reassessment and invalidates the bearish structure.