EUR/USD takes offers to refresh intraday low during two-day losing streak.

Euro sellers remain hopeful as bearish MACD signals, previous support break join failure to cross immediate resistance line.

50% Fibonacci retracement limits intraday fall while 100-DMA is the key support to watch during further downside.

US Dollar traces firmer yields to edge higher amid sluggish session.

EUR/USD takes offers to refresh intraday low, extends the week-start reversal from a short-term resistance line amid the mid-Asian session on Tuesday.

That said, the Euro pair’s latest weakness could be linked to its inability to cross a downward-sloping resistance line from July 18 amid broadly firmer US Dollar, backed by upbeat Treasury bond yields.

Also read: EUR/USD stays defensive around 1.1000 as German data prods ECB hawks, Fed talks appear mixed

Adding credence to the downside bias are the bearish MACD signals and the previous break of an ascending trend line stretched from May 31.

With this, the EUR/USD pair appears all set to drop towards the 50% Fibonacci retracement of its May-July upside, near 1.0950. However, the 100-DMA support of around 1.0930–25 can challenge the Euro sellers afterward.

In a case where the Euro pair remains bearish past the 100-DMA support, the 61.8% Fibonacci retracement level, also known as the golden Fibonacci ratio, can challenge the EUR/USD bears near 1.0875.

On the flip side, a daily closing beyond the immediate resistance line, close to 1.1010 by the press time, needs validation from the previous support line stretched from May, around 1.1060 at the latest.

Following that, a horizontal area comprising multiple levels marked since early July, surrounding 1.1140–50 will be a crucial upside hurdle for the EUR/USD buyers to watch before challenging the yearly top marked in July around 1.1275

EUR/USD PRICE ANALYSIS: EURO EXTENDS PULLBACK FROM THREE-WEEK-OLD RESISTANCE, EYES ON 1.0950, EU/US STATICS