EUR/USD Price Analysis: Euro bears appear running out of steam around mid-1.0800s

EUR/USD stays pressured towards monthly low after breaking immediate bullish channel formation.
Nearly oversold RSI, multiple supports near 1.0845-35 challenge Euro sellers.
Downbeat MACD signals, jungle of resistances keep EUR/USD bears hopeful.

Anil Panchal FXStreet

EUR/USD holds lower grounds near 1.0860 amid the early hours of Wednesday’s Asian session, after reversing the week-start rebound on Tuesday.

In doing so, the Euro pair justifies the previous day’s downside break of a weekly bullish channel, as well as the bearish MACD signals, amid a nearly oversold RSI (14) line.

Apart from the RSI (14) line that suggests limited room for the Euro pair towards the south, multiple lows marked since April 10 around 1.0837-45 also challenge the EUR/USD bears.

Hence, the pair sellers may retreat after hitting the aforementioned immediate support, maybe around that, failing to do so won’t hesitate to challenge the previous monthly low of around 1.0785. That said, the 1.0800 round figure may act as an intermediate halt during the likely fall.

On the contrary, the stated channel’s bottom line, near 1.0885 by the press time, guards the immediate recovery of the EUR/USD pair.

Following that, the 100-Hour Moving Average (HMA) and a fortnight-old descending trend line, respectively near 1.0900 and 1.0925, may prod the Euro pair buyers.

It’s worth noting that a horizontal area comprising multiple levels marked since May 02 and the 200-HMA, close to 1.0935-45 and 1.0950 in that order, appear as the last defense of the EUR/USD bears.

EUR/USD: Hourly chart

Trend: Limited downside expected

Additional important levels

Overview
Today last price	1.0863
Today Daily Change	-0.0011
Today Daily Change %	-0.10%
Today daily open	1.0874

Trends
Daily SMA20	1.0983
Daily SMA50	1.0875
Daily SMA100	1.0801
Daily SMA200	1.0456

Levels
Previous Daily High	1.0891
Previous Daily Low	1.0845
Previous Weekly High	1.1054
Previous Weekly Low	1.0848
Previous Monthly High	1.1095
Previous Monthly Low	1.0788
Daily Fibonacci 38.2%	1.0873
Daily Fibonacci 61.8%	1.0863
Daily Pivot Point S1	1.085
Daily Pivot Point S2	1.0825
Daily Pivot Point S3	1.0804
Daily Pivot Point R1	1.0895
Daily Pivot Point R2	1.0916
Daily Pivot Point R3	1.0941

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.

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