Ella 
Ahead of monetary policy decisions in the United States and the Eurozone on Wednesday and Thursday respectively, EUR/USD stopped falling and rebounded, continuing its two-day winning streak. In Asia on Wednesday, EUR/USD fell to around 1.0790.
EUR/USD technical signals favor continued decline in EUR/USD. With the 14-day Relative Strength Index (RSI) holding below the 50 mark, bearish sentiment suggests that EUR/USD is likely to retest key support at 1.0750 before hitting weekly lows at 1.0741.
If EUR/USD manages to break below 1.0741, EUR/USD will be under pressure to test the four-week low of 1.0723, followed by the psychological support area around 1.0700.
In addition, the MACD indicator shows that the overall bullish momentum has weakened as the MACD indicator is above the midline but diverged below the signal line. This suggests a possible trend reversal in EUR/USD.
On the upside, EUR/USD is likely to find key resistance near the psychological zone of 1.0800 levels. A break above this resistance would increase the strength of EUR/USD, leading to a test above the 14-day exponential moving average (EMA) at 1.0816, followed by the 38.2% Fibonacci level at 1.0833. If EUR/USD breaks above these levels, a further test of the key 1.0850 level is likely.
