EUR/USD Price Analysis: Sees downside to 1.0800 amid dismal market sentiment

The EUR/USD pair extends its downside to three-day low around 1.0840 in the late Asian session on Friday.

EUR/USD struggles to sustain above 1.0840 as investors turn risk-averse. SNB’s surprise rate cut move has prompted the ECB’s rate cut expectations. The major currency pair is on the verge of delivering a Descending Triangle breakdown. The major currency pair is expected to witness as appeal for safe-haven assets improve after the Swiss National Bank surprisingly cut interest rates by 25 basis points to 1.50% on Thursday.

The pace at which the Eurozone’s inflation is decelerating is higher than the US economy, strengthening hopes for ECB reducing rates aggressively than the Federal Reserve . EUR/USD is on the verge of delivering a breakdown of the Descending Triangle pattern formed on a four-hour timeframe. The asset hovers near the horizontal support of the aforementioned chart pattern plotted from March 5 low at 1.0840 while the downward-sloping border is placed from March 8 high at 1.0981.

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