EUR/USD Outlook: EUR/USD is in a free-fall after poking the June high

• EUR/USD fail in sustains the upside trend momentum
• The major pair broke a two-week trading range on Thursday.
• The momentum oscillator, like the Relative Strength Index, holds onto the oversold zone with no signs of corrections in the near term.

The EUR/USD edged lower today in the initial New York session. The major pair broke a two-week trading range after hitting the June high at 1.0773 yesterday. At the time of writing, EUR/USD was trading at 1.0532, down (-0.7607%) for the intraday.

Having said that, in a previous analysis, the downside potential had the upper hand for the European currency pair. However, the pair started its downside journey after it was able to break the support level of 1.0678, which was able to guard the price against falling too far.

Four-Hour Chart

On the 4-hour chart, the major currency pair edges lower, back to levels last seen on May 20. Furthermore, the 21-period sustained trading below the 50-period on the Moving Average (MA) indicates more downside in the not-so-distant future. On the other hand, the Relative Strength Index (RSI) holds onto the oversold zone, recording 28 on the value line as the decrease in momentum still has a vacancy.