EUR/USD Price Analysis: Downbeat inside fortnight-old bearish channel, 0.9920 is the key

• EUR/USD remains pressured around intraday low, braces for the second weekly loss.
• RSI retreat, softer MACD also keep sellers hopeful.
• Multiple hurdles to offer a bumpy ride to buyers before giving them control.

EUR/USD takes offers to refresh intraday low around 0.9960 heading into Friday’s European session. In doing so, the major currency pair braces for the second weekly loss while staying around the lowest levels since late 2002, marked earlier in the week.

It’s worth noting that the quote’s latest moves portray a two-week-long bearish channel, which in turn suggests the pair’s further downside. Also favoring the sellers is the RSI (14) retreat and recently easing the bullish bias of the MACD.

That said, the EUR/USD pair’s latest U-turn from a horizontal area comprising multiple levels marked since July 12, around the parity level of 1.0000, seems to direct the sellers towards a three-day-old support line close to 0.9920.

In a case where the pair drops past 0.9920, the 0.9900 thresholds and lower line of the aforementioned channel, at 0.9800 by the press time, could lure the sellers.

Alternatively, an upside clearance of the 0.9985 hurdle would defy the bearish channel formation. However, the bulls will then need validation from the previously noted horizontal resistance near the 1.0000 round figure.

Even if the quote rises past 1.0000, multiple hurdles marked in the last six weeks, near 1.0090-95, quickly followed by the 1.0100 mark, could challenge the EUR/USD bulls.

EUR/USD: Four-hour chart

Trend: Further weakness expected