EUR/USD Price Analysis: Ascending triangle confirmation awaited for 1.1120 on Fed day

• EUR/USD stays depressed inside bearish chart after two-day downtrend.
• MACD conditions, lower highs favor sellers to aim for fresh 2021 low.
• 200-SMA adds strength to the upside barrier, double tops guard immediate recovery.
• Fed Preview: Dollar hinges on 2022 rate hike dots, guide to trading the grand finale of 2021

EUR/USD holds lower ground after two-day declines, challenging the support line of a short-term ascending triangle near 1.1250 during the early Asian session on Wednesday.

The bearish MACD signals and the major currency pair’s double top formation around 1.1330, not to forget the lower highs portrayed since November 30, also back the EUR/USD bears to conquer the 1.1250 immediate support.

Following that, the 1.1200 threshold and the yearly low of 1.1186 may become imminent for the pair sellers before targeting the 61.8% Fibonacci Expansion (FE) level of October 28 to November moves, near 1.1120.

Meanwhile, an upside clearance of the 1.1330 immediate hurdle will direct EUR/USD prices towards the 1.1375-87 region comprising 200-SMA, also the upper-end of the stated triangle.

Should the EUR/USD prices remain firm past 1.1375, odds of witnessing numbers past 1.1500 can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further weakness expected