The EUR/USD pair has been on a consistent downtrend, with a 0.5% decline on Monday, marking its 11th consecutive weekly loss, equating to the longest losing streak recorded back in 1997. Retail traders continue to ramp up their bullish positions, which might serve as a contrarian bearish signal. Technically, the EUR/USD has breached the 61.8% Fibonacci extension level at 1.0631, targeting the March low at 1.0516. If the pair continues its descent and breaks this low, it could further plummet to 1.0436. Meanwhile, the descending trendline from July continues to steer the currency pair downwards.