EUR/USD Price Analysis: Oversold RSI probes bears around 1.0450

• EUR/USD remains sidelined around fortnight low, pauses two-day downtrend.
• Oversold RSI line challenges further downside, seven-week-old support lines add to the downside filters.
• Multiple hurdles to challenge bulls, weekly low is the last defense for sellers.

EUR/USD dribbles around a two-week low as oversold RSI conditions challenge further downside during Thursday’s inactive Asian session. That said, the major currency pair takes rounds to 1.0450-40 at the latest.

Even if the quote manages to ignore the oversold RSI and drops further, upward slopping trend lines from May 13, around 1.0420 and 1.0400, will challenge the additional declines.

It should be noted that the 1.0380 and the yearly bottom surrounding 1.0350 are extra filters to the south that can test the EUR/USD bears.

Alternatively, a six-week-old horizontal area between 1.0460 and 1.0470 guards the quote’s immediate recovery.

Following that, a downward sloping resistance line from June 28, near 1.0500 will be probing the EUR/USD bulls.

In a case where the pair rises past 1.0500, a confluence of the 50-SMA and 100-SMA, near 1.0535, will precede the 200-SMA and the weekly top, respectively around 1.0600 and 1.0615, to allow sellers to take last chances.

Overall, EUR/USD remains on the bear’s radar even if the short-term downside appears limited.

EUR/USD: Four-hour chart

Trend: Limited weakness expected