EUR/USD Price Analysis: Consolidation extends, nothing new under the sun

• The presence of hurdles around the upper portion of the triangle has escalated the consolidation phase.
• A rebound in risk-off impulse and declining 20-and 50-EMAs are supporting the greenback bulls.
• The RSI (14) has failed to sustain in the bullish range of 60.00-80.00.

The EUR/USD pair has turned sideways after dropping to near the immediate support of 0.9760 in the early Tokyo session. A rebound in the risk-off profile terminated the two-day winning spell. The asset witnessed a steep fall after multiple attempts of establishing an auction above the critical hurdle of 0.9850. Meanwhile, the US dollar index (DXY) has recovered the majority of its losses and has recaptured the resistance of 113.00.

On a four-hour scale, the major has continued its oscillation in a Symmetrical Triangle chart pattern after facing barricades at the downward-sloping trendline. The downward-sloping trendline of the above-mentioned chart pattern is placed from September 12 high at 1.0198 the upward-sloping trendline is plotted from September 28 low at 0.9536. An explosion of a neutral triangle results in wider ticks and heavy volume.

The asset has slipped below the 20-and 50-period Exponential Moving Averages (EMAs) at 0.9800 and 0.9785 respectively, which adds to the downside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has failed to sustain longer above the bullish range of 60.00-80.00, which indicates a loss of upside momentum.

The shared currency bulls could lose their grip if the asset drops below October 13 low of 0.9632, which will drag the asset toward September 28 low at 0.9536. A breakdown of the September low will strengthen the greenback bulls further and will drag the asset toward the critical support of 0.9500.

For an upside move, the euro bulls need to push the asset above the round-level resistance of 0.9900, which will send the pair toward parity. A confident break above the parity will expose the asset bulls to hit September 20 high at 1.0050.

EUR/USD four-hour chart