EUR/USD Price Analysis: Bears approach 11-week-old support line near 1.0620

• EUR/USD takes offers to refresh intraday low, extends U-turn from 10-DMA.
• Bearish MACD signals, clear break of three-month-old ascending trend line favor sellers.
• Ascending trend line from early December 2022 lures Euro sellers.
• Buyers need to cross 1.0805 to jump back in the driver’s seat.

EUR/USD takes offers to extend the week-start losses from the 10-DMA to 1.0670 during early Tuesday. In addition to a pullback from the short-term key moving average, bearish MACD signals and the pair’s sustained downside break of the previous support line from late November 2022 also keep the sellers hopeful.

As a result, the EUR/USD bears are well-set to revisit an upward-sloping support line from early December, close to 1.0620 by the press time.

However, the major currency pair’s further downside appears difficult as lows marked so far during February and January, respectively near 1.0610 and 1.0480, could probe the sellers afterward.

Also acting as a downside filter is the early December 2022 swing low surrounding 1.0440.

On the flip side, the 10-DMA and the three-month-old previous support line could challenge the EUR/USD pair’s recovery around 1.0700 and 1.0730 levels.

Following that, a three-week-long horizontal resistance area near 1.0800-05 could act as the last defense of the EUR/USD bears.

In a case where the EUR/USD pair remains firmer past 1.0805, the odds of witnessing a run-up towards the 1.1000 psychological magnet and then to the monthly high near 1.1035 can’t be ruled out.

EUR/USD: Daily chart

Trend: Further downside expected