EUR/USD Price Analysis: Loses momentum below the mid-1.0500s, further downside looks favorable

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• EUR/USD trades in negative territory for three straight days on Thursday.
• The pair holds below the key 100-hour EMA; the RSI indicator is located in bearish territory under 50.
• The first resistance level will emerge at 1.0582; 1.0522 acts as an initial support level.

The EUR/USD pair loses traction near 1.0545 during the early European session on Thursday. The major pair faces some sell-off on the firmer US Dollar (USD) and the downbeat Eurozone economic data. Furthermore, recent tensions in the Middle East have also prompted worries about the region’s dwindling growth prospects. Market players await the European Central Bank (ECB) interest rate decision on Thursday, which is expected to hold the rate unchanged at its October meeting.