EUR/USD Price Analysis: Falls toward 1.0800 after breaking below nine-day EMA

• The EUR/USD may test immediate support at the nine-day EMA of 1.0848 in an attempt to re-enter the ascending triangle.
• The 14-day RSI remains above 50, indicating that the bullish outlook is still intact.
• A break below the 50-day EMA at 1.0612 could weaken medium-term price momentum.

The EUR/USD continues its decline for the third consecutive session, hovering around 1.0830 during Friday's Asian trading hours. The technical analysis of the daily chart suggests growing selling pressure and a possible trend reversal, as the pair has fallen below the ascending channel pattern.

Furthermore, the EUR/USD pair has dropped below the nine-day Exponential Moving Average (EMA), signaling weaker short-term price momentum. However, the 14-day Relative Strength Index (RSI), a key momentum indicator, remains above the 50 mark, suggesting that a bullish outlook is still intact. A continued decline would confirm the shift toward a bearish outlook.

The EUR/USD pair could test immediate support at the nine-day EMA of 1.0846 level. A breakout above this level could strengthen short-term price momentum, allowing the pair to re-enter the ascending triangle. This could revive the bullish bias and potentially push the pair toward the triangle's upper boundary near 1.0980.

On the downside, the EUR/USD pair may target the 50-day EMA at the 1.0612 level. A break below this support could weaken medium-term price momentum, potentially extending the decline toward the six-week low of 1.0360, recorded on February 28.

EUR/USD: Daily Chart