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- EUR/USD Price Analysis: Fades recovery moves near 1.1000 as bears keep reins
EUR/USD Price Analysis: Fades recovery moves near 1.1000 as bears keep reins
- EUR/USD fails to extend late Wednesday’s corrective pullback.
- Multiple technical indicators challenge bulls below 1.1050.
- Downbeat RSI adds strength to the bearish bias targeting 1.0900.
EUR/USD struggles to holds 1.1000 threshold during Thursday’s Asian session, despite the latest rebound from 1.0964.
That said, the major currency pair’s sustained weakness below the 21-DMA, a downward sloping resistance line from early February and a 13-day-old previous support line joins sluggish RSI to keep sellers hopeful.
Hence, the EUR/USD bears are ready to challenge the weekly low surrounding 1.0960 before eyeing the short-term horizontal support zone near 1.0900.
However, a clear downside break of the 1.0900 will make the quote vulnerable to refresh yearly low, currently around 1.0800.
On the flip side, the 21-DMA and a six-week-long descending trend line, respectively around 1.1035 and 1.1045, will challenge the quote’s further rebound. Also important will be the support-turned-resistance line from March 07 near 1.1050.
Should the EUR/USD prices rise past 1.1050, a broad horizontal area from late January, around 1.1120-40, will be in focus.
EUR/USD: Daily chart
Trend: Further weakness expected
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