EUR/USD Price Analysis: Bulls need validation from 1.1660

• EUR/USD struggles to extend the rebound from yearly low, sidelined of late.
• Upbeat RSI, firmer Momentum line favor buyers to overcome immediate resistance line.
• 50-SMA, three-week-old falling trend line will be a tough nut to crack for bulls.

EUR/USD fades two-day recovery move around 1.1615-20 during Tuesday’s Asian session.

In doing so, the major currency pair seesaws around a downward sloping trend line from September 24 following a failed attempt to cross the same the previous day.

However, the upbeat RSI and Momentum line keeps the buyers hopeful to overcome the 1.1620 immediate hurdle. Even so, a convergence of 50-SMA and a downward sloping trend line from mid-September, near 1.1660, will be a tough challenge for the EUR/USD bulls to overcome.

Also acting as an upside filter is a fortnight-long horizontal resistance near 1.1685 and the 1.1700 round figure.

On the flip side, pullback moves will aim for the 1.1600 mark retest before challenging the yearly low close to 1.1565-60.

In a case where EUR/USD bears manage to refresh the yearly low, the March 2020 peak surrounding the 1.1500 psychological magnet will gain the market’s attention.

EUR/USD: Four-hour chart

Trend: Bearish