EURUSD Price Analysis: The 55-day SMA should hold the downside

• EURUSD adds to the weekly decline below the parity level.
• The continuation of the downside could see the 55-day SMA retested.

EURUSD retreats for the second consecutive session and breaches the key parity mark on Thursday.

If spot accelerates losses, it could then challenge the 55-day SMA, today at 0.9888, prior to another visit to the 9-month support line around 0.9840. Below the latter, the pair could see the near-term bearish outlook reinstated.

In the longer run, the pair’s bearish view should remain unaltered while below the 200-day SMA at 1.0442.

EURUSD daily chart