EUR/USD Price Analysis: Euro bulls appear running out of steam around 1.0800 ahead of key PMIs

• EUR/USD fades two-day rebound from the lowest levels since late March.
• Two-week-old bearish trend channel, sluggish oscillators keep Euro sellers hopeful.
• Bears need to conquer 1.0700 to topple the bulls.

EUR/USD buyers take a breather around the short-term key resistance after a two-day uptrend, making rounds to 1.0815 during early Tuesday in Asia. In doing so, the Euro pair prods the top line of a 13-day-old descending trend channel.

However, the recent easing strength of the bullish MACD signals and the sluggish RSI (14) line challenges the EUR/USD buyers in crossing the aforementioned key upside hurdle surrounding 1.0820 by the press time.

Even if the quote rises past 1.0820, a six-week-old horizontal resistance zone, near 1.0830-40, will be the key to challenging the EUR/USD bulls.

It’s worth noting, however, that the EUR/USD pair’s successful run-up beyond 1.0840, won’t hesitate to challenge the 1.1000 round figure before aiming to refresh the monthly high, currently around 1.1095.

Alternatively, pullback moves may target the latest swing low of around 1.0760 ahead of testing the 61.8% Fibonacci retracement level of the pair’s March-April upside, near 1.0735-40.

However, the EUR/USD bears may find it difficult to keep the reins past 1.0740 as the stated channel’s lower line, close to 1.0700 by the press time, may restrict the short-term downside of the pair.

Overall, EUR/USD buyers appear to run out of steam but the sellers need validation from 1.0760 to return.

EUR/USD: Four-hour chart

Trend: Further downside expected