• EUR/USD may retest the lower boundary of the descending channel around 1.1510.
• The 14-day Relative Strength Index at 35 suggests persisting downside pressure.
• The initial resistance appears at the nine-day EMA of 1.1591.

EUR/USD rebounds after registering 0.75% losses in the previous day, trading around 1.1530 during the Asian hours on Monday. The daily chart technical analysis indicates an ongoing bearish bias as the pair is positioned near the lower boundary of the descending channel pattern.

The EUR/USD pair is preserving a bearish near-term bias as spot holds under both the nine-day and 50-day Exponential Moving Averages (EMAs). The 14-day Relative Strength Index (RSI) at 35 is edging closer to oversold territory, hinting that while downside pressure persists, the pace of the recent decline could slow as sellers approach stretched conditions.

The EUR/USD pair may retest the lower boundary of the descending channel around 1.1510. A break below the channel would strengthen the bearish bias and put downward pressure on the pair to test the 10-month low of 1.1411, recorded on March 13.

On the upside, the primary barrier lies at the nine-day EMA of 1.1591, followed by the 50-day EMA of 1.1654. Next resistance lies at the upper boundary of the descending channel around 1.1710; a break above it would expose a nearly four-month high of 1.1849, reached on April 17.

(The technical analysis of this story was written with the help of an AI tool.)