The acceleration of the downward trend sees EUR/USD retreating to the proximity of the 1.0900 zone on Thursday, adding to Wednesday’s retracement.
Further weakness could see EUR/USD facing initial minor support at 1.0852 (November 22). If cleared, the pair could then challenge the key 200-day SMA at 1.0816, ahead of the provisional 55-day SMA at 1.0676.
Down from here emerges the weekly low of 1.0495 (October 13) before the 2023 low of 1.0448 (October 3) and the round level of 1.0400.
Related: EUR/USD Stands Below 1.0950
In case bulls regain the upper hand, the pair is expected to meet the next up-barrier at the November high of 1.1017 (November 29) ahead of the August top of 1.1064 (August 10) and another weekly peak of 1.1149 (July 27), all of which precede the 2023 high of 1.1275 (July 18).
Meanwhile, the pair is seen maintaining its constructive outlook while above the 200-day SMA.