EURUSD bears flexing muscles ahead of ECB Meeting Accounts

EURUSD remains on the back foot so far during the current week, heading into the key ECB Monetary Policy Meeting Accounts. That said, the 200-SMA and an ascending trend line from November 24, respectively around 1.1320 and 1.1300, restrict the immediate downside of the major currency pair. Should the sellers manage to conquer the 1.1300 support, 1.1230 may offer an intermediate halt during the fall targeting 2021 bottom around 1.1185. It’s worth noting that the March 2020 high low near 1.1150 will probe the EURUSD pair’s weakness past 1.1185 before directing bears towards the 1.1000 psychological magnet.

Meanwhile, the weekly resistance line, around 1.1380 at the latest, restricts the short-term rebound of the EURUSD prices. In a case where the quote rises past 1.1380, bulls will aim for 1.1430 and the monthly peak of 1.1485. If at all the EURUSD buyers keep reins past 1.1485, the latest bearish bias gets wiped out, which in turn propels the quote towards October 2021 high near 1.1690.