EUR/USD Price Analysis: Focus on weekly support line, 100-SMA as MACD teases bears

• EUR/USD stays depressed after snapping four-day uptrend near the weekly high.
• Failures to cross 200-SMA, downbeat MACD signals keep bears hopeful.
• 61.8% FE adds to the downside filters below the yearly bottom.

EUR/USD remains pressured around the week’s top, seesaws near 1.1750-55 amid Friday’s Asian session after the first negative daily closing the previous day.

In doing so, the pair sellers attack 100-SMA and an ascending trend line from the last Friday, near 1.1750-45 as the MACD signal line inches closer to flash a bearish sign.

The same joins the quote’s inability to cross 200-SMA during the previous uptrend to direct sellers toward the yearly low, marked on August 20, surrounding 1.1665.

It’s worth noting that a 61.8% Fibonacci Expansion (FE) level of the pair’s current month moves, around 1.1630, will add to the downside filters before dragging it to November 2020 lows close to 1.1600.

Meanwhile, an upside clearance of 200-SMA level of 1.1785 needs a clear break above the mid-August peak of 1.1804 to aim for the August 05 peak near 1.1855.

Should the EUR/USD bulls remain dominant past 1.1855, the monthly high of 1.1899 will be in the spotlight.

EUR/USD: Four-hour chart

Trend: Further weakness expected