EUR/USD Price Analysis: Stays directed towards 1.1495 despite recent rebound

• EUR/USD keeps bounce off July 2020 levels in a tight range.
• Sustained break of a descending trend line from March, fortnight-old resistance line question recovery moves.
• March 2020 high lures sellers below the latest bottom.

EUR/USD seesaws around mid 1.1500s during Thursday’s Asian session.

The major currency pair dropped to the fresh low since July 2020 the previous day before bouncing off 1.1529.

The recovery moves, however, remains below a two-week-old resistance line while also keeping the last week’s downside break of a support line from March, now resistance.

In addition to the short-term falling resistance line and the previous support, respectively around 1.1590 and 1.1650, the downbeat Momentum line also disregards the EUR/USD rebound.

It’s worth noting that the quote’s upside past 1.1650 needs validation from August low near 1.1665 and late September’s swing high surrounding 1.1750 to lure the bulls.

Hence, the pair is likely to decline further towards March 2020 top near 1.1495.

However, any further weakness of the EUR/USD prices will be challenged by the June 2020 peak close to 1.1420.

EUR/USD: Daily chart

Trend: Further weakness expected