EUR/USD Price Analysis: Bears approach 1.0800 during four-day downtrend

• EUR/USD takes offers to refresh intraday low as bears tighten the grip.
• A clear break of three-week-old ascending trend line, sustained trading below 200-HMA favor sellers.
• Bearish MACD signals add strength to the downside bias.
• Buyers need to cross the 1.0930 hurdle to retake control.

EUR/USD slides to a one-week low while taking offers around 1.0830 during the early hours of Tuesday morning in Europe.

In doing so, the major currency pair declines for the fourth consecutive day while reversing late Monday’s corrective bounce off 1.0838. Also keeping the EUR/USD bears hopeful are the bearish MACD signals and the clear downside break of the three-week-old support line, not to forget sustained trading below the 200-Hour Moving Average (HMA).

As a result, the quote is well-set to approach the 1.0800 round figure before hitting the 61.8% Fibonacci retracement level of January 10-26 upside, close to 1.0795.

In a case where the EUR/USD price fails to rebound from the key Fibonacci retracement level, also known as the golden ratio, the bears won’t hesitate to challenge the early January swing low near 1.0710.

On the flip side, the aforementioned support-turned-resistance and the 200-HMA could challenge the EUR/USD recovery, respectively near 1.0850 and 1.0865.

Following that, multiple resistances near 1.0900 could challenge the EUR/USD rebound before highlighting the monthly top near 1.0930.

If the pair buyers keep the reins past 1.0930, the odds of witnessing 1.1000 on the chart can’t be ruled out.

EUR/USD: Hourly chart

Trend: Further downside expected