EUR/USD is trading near 1.0360, off intraday lows around 1.0340, as traders look for more clues to extend the early-day decline ahead of Monday’s European session. The major’s latest rebound could be attributed to a reversal from the 50-SMA, currently around 1.0350 at the time of writing.



However, bearish MACD signals and a clear downside break of a two-week-old rising trendline, near 1.0400 at the latest, keep EUR/USD sellers hopeful. Moreover, a steady RSI (14) also keeps the bears in check despite the latest corrective bounce.

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EUR/USD Technical Analysis: Bearish, Euro Upside Capped?

Even if the quote crosses 1.0400 support-turned-resistance, a downward sloping resistance line from November 15, near 1.0440, will be crucial to challenge the pair buyers. Further, the monthly high near 1.0480 could also act as an upside filter before charting a rally targeting late-June tops around 1.0615. On the flip side, a break of 50-SMA support level, near 1.0350 as we write, could renew the downside momentum. In this case, the previous week’s low near 1.0220 and early-November swing high near 1.0100 will grab market attention ahead of 200-SMA level around 1.0055.

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EUR/USD: Four-hour chart

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