EUR/USD is trading at 1.1376 (-0.13%) as of September 28, 2026, during the European session, with the rate hovering near the day's low of 1.1375. The pair's decline continues a broader downtrend, with the current rate below both the 20-day and 50-day simple moving averages at 1.1535 and 1.1537, respectively, indicating sustained selling pressure. The Relative Strength Index (RSI) stands at 7.2, firmly in oversold territory, suggesting a potential for a technical rebound, although this does not necessarily signal a trend reversal.

The Average True Range (ATR) of 0.0054 indicates relatively subdued daily volatility. The pivot point for the day is 1.1385, with the first resistance level (R1) at 1.1401, which is also the day's high, and the first support level (S1) at 1.1358. The market may be underpricing the potential for a bounce given the oversold RSI reading. However, the overall downtrend remains intact as long as the rate stays below the SMAs.

A break above the R1 level at 1.1401 could signal a short-term reversal, potentially targeting the 20-day SMA at 1.1535, while a drop below S1 at 1.1358 may lead to further losses, testing the 52-week low of 1.1354. The upcoming US economic data releases could serve as a catalyst, potentially confirming or invalidating the current downtrend.