EUR/USD Price Analysis: Aims to retest 0.9630 support as MACD teases bears
- EUR/USD takes offers to renew intraday low, fades bounce off two-week bottom.
- Short-term horizontal support sluggish RSI challenge the bears aiming for a fresh yearly low.
- Sustained trading below 50-DMA, four-month-old resistance line favor bears amid downbeat MACD signals.
EUR/USD sellers are all set to mark another battle with the short-term key support around 0.9630 while refreshing intraday low near 0.9685 during Wednesday’s Asian session.
Despite the previous day’s corrective bounce off the fortnight low, the MACD indicator teases bears and suggests further downside for the quote.
Also favoring the EUR/USD sellers is the pair’s failure to cross the 10-DMA hurdle, around 0.9800, during Tuesday’s rebound. Furthermore, sustained trading below the 50-DMA and a downward-sloping trend line from June also portray a bearish trend of the major currency pair.
That said, three-week-old horizontal support around 0.9630 restricts the EUR/USD pair’s immediate downside ahead of directing the bears towards the recent yearly low near 0.9535.
Alternatively, an upside clearance of the 10-DMA hurdle surrounding 0.9800 needs to cross the early June’s swing low near 0.9865 to direct EUR/USD buyers towards the 50-DMA resistance of 0.9966.
Even so, a daily closing beyond the aforementioned resistance line from late June, close to 1.0030, appears necessary for the EUR/USD bulls to retake control.
EUR/USD: Daily chart
Trend: Bearish