EUR/USD Chart Structure Weakens on Rising Fed Hike Odds

EUR/USD's daily chart is showing a sequence of lower highs as traders reprice the odds of a Federal Reserve rate hike this month. The pair has slipped beneath its 100-day moving average, a level that had previously capped downside attempts, signaling a shift in near-term momentum toward sellers.

Fibonacci retracement analysis of the prior rally shows price hovering near the 61.8% retracement zone, a level often watched as a decision point between continuation of the downtrend and a reflex bounce. MACD has crossed below its signal line, reinforcing the bearish momentum bias building on lower timeframes.

With economists debating whether the Fed could hike rates multiple times this cycle, euro bulls need a decisive reclaim of the moving average cluster to stabilize the chart, otherwise sellers may continue targeting the next support shelf below current levels.