EURUSD Price Analysis: Eases from six-month-old resistance zone surrounding 1.0350

• EURUSD bulls take a breather around the highest levels in three months.
• Overbought RSI, the key resistance zone tests the pair’s further upside.
• 200-DMA adds to the upside filters before directing buyers to late June’s top.
• September’s high, 100-DMA challenges the bearish bias, 1.0280 appears immediate support.

EURUSD consolidates the biggest weekly gains since March 2020 as it prints 0.70% intraday loss, the first in three days, around 1.0330 during Monday’s Asian session.

In doing so, the major currency pair retreats from a six-month-old horizontal resistance area amid the overbought RSI (14) line.

Although the failure to cross the key resistance zone surrounding 1.0350-70 keeps sellers hopeful amid the overbought RSI conditions, the bears have tough challenges to tackle moving forward.

That said, the 38.2% Fibonacci retracement level of the EURUSD pair’s February-September downside, near 1.0280, appears to be the immediate support to watch during the quote’s further declines.

Following that, tops marked during September and the 100-DMA, respectively near 1.0200 and 1.0030 will be in focus.

In a case where EURUSD bears manage to conquer the 1.0030 support, the 1.0000 parity level will be the last defense of buyers.

Meanwhile, recovery moves need a daily closing beyond 1.0370 to aim for the 200-DMA hurdle surrounding 1.0435.

Should the EURUSD bulls manage to keep the reins past the 200-DMA, the odds of witnessing a run-up towards late June highs near 1.0570 can’t be ruled out.

Overall, EURUSD remains on the buyer’s radar but short-term pullback can’t be ruled out.

EURUSD: Daily chart

Trend: Pullback expected