EUR/USD is near 1.1230 on the daily chart and has recently fallen from the 1.1352 area. I find it important that price is below both the moving averages and the rising trendline, and the latest leg lower has pushed the pair into the lower Fibonacci extension. From a larger time frame perspective, the structure is very bearish.

Support comes in at 1.1225. A downside break from that area would open up 1.1131 and then 1.0993. 1.1352 remains the first major barrier on the upside, with 1.1489 extending higher and coming into focus if we see a more decisive recovery.

RSI is extremely oversold and confirms the strength of the lower moves, however it also increases the probability of a minor bounce back higher. I am looking for opportunities to sell more aggressively should we remain below 1.1352 and within the existing descending trend. If 1.1489 comes into play, I will look to reverse my perspective. A break below 1.1225 would put 1.1131 in focus.