EUR/USD Price Analysis: Bears retake control below 1.0980 resistance confluence

• EUR/USD fades early Asian rebound, stays on the way to 1.0750.
• 50-SMA, three-day-long descending trend line challenges recovery moves.
• Weekly horizontal support may test bears before directing them to 61.8% FE.

EUR/USD reverses the early Asian session gains while taking offers around 1.0915 by the press time on Monday.

In doing so, the major currency pair remains below a convergence of the nearby descending trend line and 50-SMA amid bearish MACD signals.

The pair’s failures to rebound direct the EUR/USD prices towards multiple supports around 1.0850 before teasing the bear with the latest multi-day low of 1.0806.

In a case where the quote remains bearish past 1.0806, the 61.8% Fibonacci Expansion (FE) of February-March moves near 1.0750 will be in focus.

On the contrary, the aforementioned resistance convergence near 1.0980 will challenge the sort-term EUR/USD buyers.

Following that, the previous support line from March 07, close to 1.1050 and the 100-SMA level near 1.1120 should test the pair’s further upside.

In a case where the EUR/USD prices rally beyond 1.1120, the odds of witnessing the 1.1200 threshold back to the chart can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further weakness expected