The EUR/USD currency pair on Thursday plummeted to trade at a session low of about 1.0812 following the latest round of US data. The currency pair appears to be trading within a sharply descending channel formation in the 60-min chart.

The pair has now fallen to trade several levels below the 100-hour moving average line. As a result, the currency pair seems to be on the verge of entering the oversold levels of the 14-hour RSI.

EUR/USD Fundamentals Overview

From a fundamental perspective, the EUR/USD currency pair is trading at the back of a relatively busy period in both markets. On Thursday, the US durable goods orders for July missed the expected change of -4% with a change of -5.2%. The durable goods orders ex-transportation beat the estimated change of 0.2% with a change of 0.5%, while nondefence capital goods orders ex-aircraft matched the estimated change of 0.1%. On the other hand, the initial jobless claims for the week ending August 18 outperformed the expected claim count of 240k with a lower tally of 230k.

In the EU, Germany’s preliminary HCOB Manufacturing PMI for August beat the expected reading of 38.7 with a reading of 39.1. On the other hand, the Composite and Services PMIs missed the estimates of 48.3 and 51.5 with readings of 44.7 and 47.3, respectively. The EU’s preliminary HCOB Manufacturing PMI outshone 42.6 with 43.7, while the Services and Composite PMI missed 50.5 and 48.5, respectively with 48.3 and 47.

EUR/USD Technical Analysis (the 60-min Chart)

Technically, the EUR/USD currency pair appears to be trading within a sharply descending channel formation in the 60-minute chart. The MACD appears to have recently completed a downward crossover indicating a bearish sentiment.

Therefore, the bears will be looking to extend the current declines toward 1.0802 or lower to 1.0794. On the other hand, the bulls will look to pounce on rebounds at about 1.0819 or higher at 1.0826.

EUR/USD Technical Analysis (the Daily Chart)

In the daily chart, the EUR/USD currency pair also seems to be trading within a descending channel formation. The MACD also supports a continuation of the current bearish movement.

Therefore, the bears will be looking to ride the current wave of declines toward 1.0754 or lower to 1.0697. On the other hand, the bulls will be targeting profits at about 1.0875 or higher at 1.0937.