EUR/USD Price Analysis: Rising wedge, bearish MACD signals highlight 1.0420 support

• EUR/USD prints a three-day downtrend inside a bearish chart formation.
• Downbeat MACD signals and steady RSI adds strength to the bearish bias.
• 200-DMA adds to the downside filters, 1.0615 is the key hurdle.

EUR/USD holds lower ground near 1.0460 as bears keep the reins for the third consecutive day despite the market’s inaction during early Wednesday.

In doing so, the major currency pair trades inside a one-month-old rising wedge bearish chart formation.

Also keeping the EUR/USD sellers hopeful are downbeat MACD signals and the steady RSI line, placed at 14.

However, a clear downside break of the 1.0420 support, as well as the sustained trading below the 200-DMA level surrounding 1.0355, becomes necessary for the EUR/USD bears to dominate further.

Following that, the theoretical target of 0.9760 and November’s low of 0.9730 could gain the market’s attention.

Alternatively, recovery remains elusive unless the EUR/USD pair remains below the 1.0600 threshold.

Even so, a convergence of the late June swing high and upper line of the stated wedge, around 1.0615, appears crucial resistance to watch during the quote’s advances past 1.0600.

In a case where EUR/USD stays firmer past 1.0600, the bulls won’t hesitate to challenge May’s peak surrounding 1.0790.

To sum up, EUR/USD has interesting chart pattern to keep sellers hopeful despite the latest sluggish moves.

EUR/USD: Daily chart

Trend: Further downside expected