EUR/USD Price Analysis: Sellers cheer three-week-old support break around 1.0850

• EUR/USD remains pressured after breaking short-term key support.
• Bearish MACD signals, downbeat RSI adds strength to the downside bias targeting 100-SMA.
• Double tops around 1.0930 also favor sellers to keep the reins.

EUR/USD seesaws around 1.0850 as bears take a breather after breaking important support. With this, the major currency pair confirms its place on the seller’s radar even if it probes the three-day downtrend with its latest inaction.

Not only the trend line breakdown but the bearish MACD signals and the downbeat RSI (14), not oversold, also keep the EUR/USD sellers hopeful. On the same line could be the double-top bearish formation marked around 1.0930.

As a result, the quote’s further downside towards the 100-bar Simple Moving Average (SMA), close to 1.0825 by the press time, appears imminent.

However, the 200-SMA and January 10 low, respectively near 1.0720 and 1.0710, could challenge the EUR/USD bears afterward.

In a case where the EUR/USD pair remains bearish past 1.0710, its slump toward the monthly low near 1.0480 can’t be ruled out.

Alternatively, recovery moves must cross the support-turned-resistance line from January 10, close to 1.0860 at the latest, to tease EUR/USD buyers.

Even so, the aforementioned double tops near 1.0930 will be a tough nut to crack for the pair bulls, a  break of which could quickly propel the price towards the 1.1000 round figure.

Should the EUR/USD pair remains firmer past 1.1000, its rally toward January 2022 low near 1.1120 can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further downside expected