EUR/USD Price Analysis: Buyers face challenge near 1.1600

• EUR/USD remains muted in the early Asian session on Monday.
• The pair consolidates for the third-straight session.
• MACD trades in the oversold zone with the underlying bullish sentiment.

EUR/USD edges lower in a quiet session on Monday The pair confides in a narrow trade band with no meaningful traction. At the time of writing, EUR/USD is trading at 1.1599, down 0.02% for the day.

EUR/USD daily chart

On the daily chart, the EUR/USD pair has started the October series on a lower note below 1.1600 while testing the yearly lows around 1.1524 on Tuesday. The spot already trades below the 21-day and the 50-day Simple Moving Average (SMA), indicating a downside risk. 

Now, if the price crosses the 21-day SMA at 1.1618, it could register fresh daily gains. In doing so, the first upside target would be the 1.1650  horizontal resistance level followed by the high of September 29 at 1.1690. The Moving Average Convergence Divergence (MACD) indicator trades in the oversold zone, any uptick could mean the 1.1750 horizontal resistance zone for the EUR/USD bulls.

Alternatively, if the price breaks the session’s low, the EUR/USD bears would once again dominate the trend with their eyes on the 1.1555 horizontal support level. Next, the market participants would test Wednesday’’s low at 1.1528. A break below the mentioned level would open the gates for the lows last seen in 2018.

EUR/USD additional level