Technical Analysis: EURUSD remains pressured below key resistances, bears target March low
While extending its U-turn from 100-bar SMA, EURUSD drops near the weekly low close to 1.0760/55. The pair sellers currently aim for 1.0700 ahead of the March month low near 1.0635. However, 1.0650 can act as an intermediate stop, mainly due to the oversold RSI conditions, during the south-run.
On the upside, buyers are less likely to return unless breaking a 100-bar SMA level of 1.0870 as well as the monthly resistance line near 1.0890. Even so, a descending trend line since March 16, around 1.0980, will challenge the bulls afterward. It's worth mentioning that the pair's inability to cross even a short-term resistance coupled with a sustained weakness keep bears hopeful.