Price analysis of EUR/USD: 2-day winning streak as the bears approach hits 1.0800

During the first hour of Wednesday's European session, the EUR/USD falls to 1.0830. The Euro pair records its first daily loss in three days.

After a brief run-up, the major currency pair's recent dip pulls it back below the 61.8% Fibonacci retracement mark of its drop from February to March, which in turn teases sellers. A looming bear cross on the MACD indicator reinforces the downside.

However, it should be highlighted that the convergence of the 21-SMA horizontal line from late January and the rising trend line from two weeks ago highlights the 1.0800 as a difficult level for the EUR/USD bears to overcome.

If the price of the Euro pair falls below 1.0800, the mid-month high at 1.0760 and last Friday's high near 1.0715 may serve as enticements for bearish.

However, the recent high at 1.0850 must be clearly broken to the upside before the EUR/USD buyers may come back to the market.

A break of this large resistance zone, which covers seven weeks and is located between 1.0930 and 1.0940, could easily send the Euro pair toward the Year-To-Date (YTD) high set in January at 1.1033.