EUR/USD Price Analysis: Inside the woods, bulls are hopeful above 1.1050

• Euro bulls are hopeful for a bullish reversal above the 50 EMA.
• The RSI (14) is still inside the woods, trading in a 40.00-60.00 range.
• The asset has struggled to surpass the trendline placed from 1.1495 multiple times.

The EUR/USD pair is auctioning in a narrow range of 1.0940-1.1440 since the previous week. The shared currency bulls have struggled multiple times near 1.1050 and are likely to remain lackluster till the asset gets validations from multiple filters.

On a four-hour scale, EUR/USD is trading back and forth in the above-mentioned trading range. The trendline placed from February 10 high at 1.1495 adjoining the February 21 high at 1.1390 and March 17 high at 1.1137 has acted as a major barricade.

The Relative Strength Index (14) is trading in a range of 40.00-60.00, which signals more consolidation ahead.

The asset is holding below 50 and 200-period Exponential Moving Averages (EMAs) at 1.1000 and 1.1093, which indicates a lack of conviction in Euro bulls.

Should the asset overstep the 50 EMA at 1.1000, a bullish reveal will be witnessed which will send the pair towards the 200 EMA at 1.1093 followed by March 17 high at 1.1137.

On a contrary, the asset will find initiative selling if it slips below Monday’s low at 1.0945, which will send the pair towards March 11 low at 1.0900. Breach of the latter will drag the asset towards March 7 low at 1.0806.

EUR/USD four-hour chart