EUR/USD Price Analysis: 10-DMA prods intraday sellers, 1.0850 is the last defense for bulls

• EUR/USD remains depressed around intraday low, snaps three-week uptrend.
• Downside break of three-week-old ascending trend line, receding bullish bias of MACD favor sellers.
• Fortnight-long support line acts as additional check for Euro bears.
• RSI retreat, multiple hurdles above 1.1000 keeps EUR/USD sellers hopeful.

EUR/USD remains indecisive around 1.0920, recently bouncing off the intraday low to pare the latest losses amid early Monday.

In doing so, the Euro pair portrays a U-turn from the 10-DMA support while defending the previous week’s hesitance in breaking the key horizontal hurdle from late January, around 1.0930. Even so, the EUR/USD pair remains sidelined after positing a three-week uptrend in the last.

Apart from the Euro pair’s inability to cross the 1.0930 hurdle, the receding bullish bias of the MACD and the RSI (14) line’s retreat also suggest a pullback in the EUR/USD price.

However, a daily closing below the 10-DMA support of 1.0890 becomes necessary for the intraday sellers of the pair. Following that, an upward-sloping support line from March 24, near 1.0850, becomes the last defense of the EUR/USD bulls.

Meanwhile, a daily closing beyond 1.0930 isn’t an open invitation to the EUR/USD bulls as the previous support line from mid-March, around 1.1015 by the press time, precedes the yearly high marked in January around 1.1035, to challenge further upside of the major currency pair.

In a case where EUR/USD remains firmer past 1.1035, the late March 2022 high near 1.1185 will be in focus.

Overall, EUR/USD is well-set for a pullback but the Easter Monday holiday restricts the pair’s moves.

EUR/USD: Daily chart

Trend: Further downside expected