EUR/USD Price Analysis: Fades bounce off 100-SMA below 1.0700

• EUR/USD takes offers to renew intraday low, reverses the previous day’s recovery.
• 100-SMA, monthly horizontal support test bears before giving them control.
• RSI hints at further downside, 50-SMA adds to the list of resistances.

EUR/USD extends pullback from the weekly resistance line to consolidate the previous day’s losses during Wednesday’s Asian session. That said, the major currency pair takes offers to refresh its intraday low near 1.0685 after snapping a two-day downtrend on Tuesday.

The quote’s pullback from the immediate resistance line also portrays the inability to cross the 50-SMA. Additionally keeping the sellers hopeful is the descending RSI (14) line.

That said, the 100-SMA level of 1.0665 appears the immediate support for the EUR/USD traders to watch.

Following that a one-month-old horizontal support area near 1.0645-35 will be a tough nut to crack for the pair sellers, a break of which won’t hesitate to recall sub-1.0600 levels on the chart.

Alternatively, the aforementioned resistance line and the 50-SMA, respectively near 1.0710 and 1.0720, restrict EUR/USD recovery.

Also keeping the pair buyers on guesses are the multiple resistances marked since late May around 1.0750 and 1.0765, as well as the last monthly high near 1.0785.

Overall, EUR/USD remains on the bear’s radar but the downside appears limited.

EUR/USD: Four-hour chart

Trend: Further weakness expected