• EUR/USD bears keep the reins at the lowest levels in five weeks.
• Clear downside break of 50-DMA, multi-day-old ascending trend line favors Euro bears.
• Mixed oscillators suggest limited downside room and highlight 100-DMA as the key support.
• Recovery remains elusive below 1.0950, rising trend line from early February appears the key upside hurdle.

EUR/USD holds lower ground near 1.0850 as bears take a breather after refreshing the monthly low during early Monday.

Even so, the Euro pair sellers remain hopeful as the quote keeps Friday’s downside break of an upward-sloping support line from late September 2022, as well as the 50-DMA. Adding strength to the downside bias are the bearish MACD signals.

However, the RSI (14) line trades below the 50 level and hence suggest bottom-picking, which in turn can help the EUR/USD price to rebound from the 100-DMA support of around 1.0800.

Also acting as short-term key support is an area comprising the highs marked during the mid-March around 1.0760-50.

In a case where the EUR/USD price remains bearish past 1.0750, the odds of witnessing a gradual south-run towards the yearly low of near 1.0480 and then to the 200-DMA support of around 1.0455 can’t be ruled out.

On the flip side, the support-turned-resistance line and the 50-DMA, around 1.0865-75 by the press time, guard immediate recovery of the EUR/USD pair.

Following that, the 1.0950 and the 1.1000 round figure can entertain the EUR/USD bulls before directing them to an upward-sloping resistance line from February 2023, close to 1.1110 by the press time.

Overall, EUR/USD remains on the bear’s radar despite the latest inaction.

EUR/USD: Daily chart

Trend: Limited downside expected