EUR/USD Price Analysis: Bulls jump to life in the open, but Bears lurking below 0.9800

• EUR/USD bulls attempt to move the needle to the upside in the open. 
• The euro will remain under pressure below 0.9800. 

EUR/USD is catching an opening bid at the start of the week but the weekly chart is pressured on the front side of a well-defined trendline as the following analysis will show. 

EUR/USD weekly chart

The weekly wick highlighted was followed by a lower low last week, so while last week's close was an indecisive one, the path of least resistance remains to the downside until a close above last week's highs near 0.98 the figure. 

EUR/USD daily charts

The daily chart's structure aligns with the bearish weekly bias. The M-formation's neckline is holding up, so far, as resistance and the price remains below Friday's and last week's high in the open. Another test and failure to break there, near a 50% mean reversion of the prior bearish impulse, 0.9815, could lead to a downside extension for the days ahead. A break of last week's low will likely seal the deal for a move into the bear cycle lows of 0.9535 and beyond with 0.9400 on the radar. 

EUR/USD H1 chart

EUR/USD's structure is bearish while the price remains below the trendline resistance. The double top and M-formation would be expected to keep the pressure tilted to the downside for the opening sessions of the week.