EUR/USD Price Analysis: Bear cross, support break back sellers below 1.1300
- EUR/USD remains pressured around two-week low despite the latest sideways grind.
- Steady RSI backs bearish moving average crossover, break of 12-day-old support.
- Weekly horizontal line tests intraday sellers, bulls need 200-SMA break for conviction.
EUR/USD stays depressed around 1.1285 near a fortnight low amid the initial Asian session on Wednesday, following a two-day south-run.
In doing so, the major currency pair justifies the bearish cross of the 50-HMA under 200-HMA, as well as a clear downside break of an upward sloping trend line from December 19, currently around 1.1305.
Given the steady RSI line baking the aforementioned bearish technical catalysts, the latest grind to the south may continue.
However, a horizontal area comprising lows marked since December 19, around 1.1275-70 may challenge the EUR/USD sellers before directing them to the year 2021 low near 1.1185.
Adding to the downside filters are the levels surrounding 1.1230 and the 1.1200 threshold.
Meanwhile, the corrective pullback may aim for the previous support line near 1.1305 but may remain elusive until crossing the 200-HMA level close to 1.1325.
Following that, a run-up towards 1.1360 and December’s high around 1.1385 can’t be ruled out.
EUR/USD: Hourly chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
