EUR/USD Price Analysis: Treads water beyond 1.0760 key support

• EUR/USD struggles for clear directions inside immediate bearish channel.
• Oversold RSI, recent Doji candlestick keeps buyers hopeful.
• Convergence of 200-SMA, 50% Fibonacci retracement appears tough nut to crack for bears.

EUR/USD seesaws near 1.0800 as bulls and bears jostle during a sluggish Monday morning in Europe. In doing so, the major currency pair struggles to justify the recent Doji candlestick inside a three-day-old bearish channel.

That said, bearish MACD signals also tease EUR/USD sellers but a convergence of the 200-SMA, lower line of the stated channel and the 50% Fibonacci retracement level of January-February upside, near 1.0760, restricts the short-term downside of the pair.

In a case where EUR/USD remains bearish past 1.0760, the 61.8% Fibonacci retracement level, also known as the “golden level”, could act as the last defense of the pair buyers around 1.0690.

Should the quote drops below 1.0690, the odds of its slump to the previous monthly low of 1.0483 can’t be ruled out.

Alternatively, recovery moves could aim for the 38.2% Fibonacci retracement level surrounding 1.0825.

However, the upside momentum remains elusive unless the quote stays inside the aforementioned bearish channel, currently between 1.0760 and 1.0890.

In a case where EUR/USD defies the bearish channel formation, Friday’s peak of 1.0930 and the monthly high surrounding 1.1033 may entertain the bulls.

To sum up, EUR/USD stays on the buyer’s radar unless it breaks the 1.0760 support confluence.

EUR/USD: Four-hour chart

Trend: Limited recovery expected