Title: EUR/USD Price Analysis: Bears seek acceptance below 1.0300
August 11, 2022 02:01 AM ET
At the start of the European session on Thursday, the EUR/USD was trading near the 1.0275 low.
As a result, the major currency pair maintains the previous day's pullback from a three-month old ascending resistance line, which was at 1.0370 at the time of writing. However, the bullish MACD signals and firmer RSI (14) are challenging the sellers.
The convergence of the 21-DMA, an ascending trendline from July 14 and a two-month-old former resistance line at 1.0190 should also limit EUR/USD's short-term downtrend.
If the price falls below the 1.0190 support, a dip towards the yearly low of 0.9950 cannot be ruled out. However, 1.0120 and the 1.0000 parity level could provide intermediate stops during the decline.
In the meantime, the 1.0300 threshold and the 50-DMA level around 1.0340 secure the short-term uptrend of the EUR/USD pair.
If EUR/USD bulls manage to hold the reins beyond 1.0340, a rise towards the late June momentum high at 1.0615 seems more likely.
Overall, EUR/USD continues to rise, with limited downside in the short term.