EUR/USD Price Analysis: Struggles to defend 1.1300 but key SMA to test bears

• EUR/USD fades bounce off 200-SMA, grinds lower amid an inactive session.
• Bearish MACD signals, repeated failures to cross monthly resistance line favor sellers.
• Convergence of 100-SMA, 50-SMA adds to the downside filters.

EUR/USD stays pressured towards 1.1300 during a holiday thin Asian trading session on Monday.

The major currency pair bounced off the 200-SMA level, near 1.1305, the previous day but the virus-led market fears seem to weigh on the quote, joined by bearish MACD signals and multiple pullbacks below a downwards sloping trend line from November 30.

Even so, a confluence of the 100-SMA and 50-SMA, around 1.1290-95, becomes a tough nut to crack for the pair sellers before targeting 1.1260 and the monthly low surrounding 1.1260.

Meanwhile, recovery moves remain elusive until staying under the stated resistance line, close to 1.1350 at the latest.

Following that, the November 30 peak of 1.1382 and the 1.1400 threshold will be crucial before activating the run-up towards October’s low of 1.1524.

To sum up, EUR/USD bears remain in command but the key resistance line and SMA confluence could restrict the pair’s short-term moves.

EUR/USD: Four-hour chart

Trend: Further weakness expected