EUR/USD Price Analysis: Teases 21-DMA support inside falling channel

• EUR/USD edges lower around short-term support after five-day losing streak.
• Receding bullish bias of MACD, bearish chart pattern keep sellers hopeful.
• Four-month-old support line lure sellers, 50-DMA adds to the upside filters.

EUR/USD holds lower ground near 1.1835, around the seven-day bottom, amid Friday’s initial Asian session.

The major currency pair’s failures to cross the 1.1900 threshold during the late July’s rebound, not to forget sustained trading below 50-DMA, back EUR/USD sellers amid recently downbeat MACD histograms.

However, a clear downside break of 21-DMA, surrounding 1.1825, becomes necessary for the quote’s further weakness.

Following that, the 1.1800 round figure and an ascending support line from March-end, near 1.1760 will be in focus ahead of the support line of a six-week-old channel’s support near 1.1720.

Alternatively, recovery moves may aim for the stated channel’s upper line, around 1.1895, as well as the 1.1800 psychological magnet before attacking the 50-DMA resistance of 1.1930.

It’s worth noting that a clear run-up beyond 1.1930 will enable the EUR/USD bulls to aim for the late June’s swing high near 1.1975 and 1.2000 round-figure.

EUR/USD: Daily chart

Trend: Further weakness expected