EUR/USD Price Analysis: Weekly indicators turn bearish

• EUR/USD's weekly MACD has turned bearish for the first since May. 
• Key SMAs have rolled over in favor of the bears. 

EUR/USD could extend last week's 1.77% decline, as crucial weekly chart indicators are now reporting bearish conditions. 

The MACD histogram, which gauges trend strength and trend changes, has crossed below zero, indicating a bullish-to-bearish trend change. The index has turned negative for the first time since May. 

Further, the 5- and 10-week simple moving averages (SMAs) have produced a bearish crossover for the first time since January. 

As such, the pair is likely to test the former resistance-turned-support of 1.1495 (March high). 

The pair is currently trading at 1.1632, having declined from 1.1872 to 1.1612 last week. 

A close above last week's high of 1.1872 is needed to invalidate the bearish bias. 

Weekly chart

Trend: Bearish

Technical levels