The euro may weaken further versus the US dollarEuro / United States Dollar (Jun 2026)CMCMARKETS:EURUSDM2026cmcmarketsThe EUR/USD fell sharply after the stronger-than-expected U.S. jobs report on June 5. The move pushed the euro below a short-term support level at 1.159 and, more importantly, out of a consolidation phase that appeared to be forming a larger bear flag pattern. As of June 8, EUR/USD appears to be bouncing from a support region around 1.151, though whether that level can hold over the longer term remains to be seen. EUR/USD is now trading below all its major moving averages, including the 10-day and 20-day exponential moving averages, as well as the 50-day and 200-day simple moving averages. Additionally, the shorter-term 10-day and 20-day moving averages are trending lower and are now acting as resistance. This suggests there is significant overhead resistance around 1.158. A break below support at 1.151 could trigger a decline towards 1.14. It would also suggest that EUR/USD is extending lower from its bear flag pattern and could head even lower. A measured move based on the bear flag could indicate a move towards 1.14, which would take the pair back to levels last seen in mid-March. Meanwhile, the Relative Strength Index (RSI) has trended lower since peaking in overbought territory above 70 in late January, suggesting that EUR/USD momentum has been fading. The RSI is currently around 36 and still trending lower, which some technical analysts interpret as a sign that bearish momentum remains present. Written by Michael J. Kramer, founder of Mott Capital Management. Disclaimer: CMC Markets is an execution-only service provider. The material (whether or not it states any opinions) is for general information purposes only and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction, or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.