EUR/USD Price Analysis: Seesaws around 1.0200 inside weekly bearish channel

• EUR/USD remains sidelined after bouncing off 1.0114, 1.0200 guards immediate upside.
• Three-week-old horizontal hurdle precedes 1.0310 resistance confluence to test bulls.
• Pullback remains elusive beyond 1.0085, bears could wait for parity for further conviction.

EUR/USD retreats from 1.0200 while easing to 1.0190 during Friday’s mid-Asian session. In doing so, the major currency pair remains inside a weekly descending trend channel.

However, the downbeat MACD and RSI (14) signal the quote’s further weakness.

That said, the stated channel’s support line near 1.0085 could restrict short-term EUR/USD weakness before directing the bears towards the parity level of 1.0000.

In a case where the pair remains bearish past 1.000, the recent low near 0.9950 and December 2002 low near 0.9860 will gain the seller’s attention.

Alternatively, the stated channel’s upper line near 1.0225 guards the EUR/USD recovery ahead of a three-week-old horizontal resistance area near 1.0275-80.

Following that, the 200-SMA and a downward sloping trend line from June 09, around 1.0310, will be a tough nut to crack for the pair buyers.

It’s worth noting that the EUR/USD prices rally beyond 1.0310 needs validation from a six-week-old resistance zone near 1.0365-70, a break of which could give control to the bulls.

EUR/USD: Four-hour chart

Trend: Pullback expected