EUR/USD Price Analysis: Friday’s gravestone Doji keeps sellers hopeful above 1.1900

• EUR/USD holds lower ground after snapping three week downtrend.
• Bearish candlestick formation below 200-day EMA favor sellers.
• Previous monthly low adds to the upside filters.

EUR/USD defends 1.1900, around 1.1940, during the sluggish Asian session on Monday. The currency major pair printed the first weekly gain by Friday’s closing but marked a bearish candlestick formation, gravestone Doji.

In addition to the bearish candle, failures to cross 200-day EMA and downbeat RSI, as well as Momentum line, suggests that the pair sellers are bracing for entries.

However, 61.8% Fibonacci retracement of April-May upside, around 1.1920, offers immediate support to the quote, a break of which should attack the 1.1900 threshold.

During the EUR/USD weakness past 1.1900, the monthly low, also the lowest since early April, will test the pair bears around 1.1845 ahead of highlighting the 1.1760 support, comprising late March levels.

Meanwhile, an upside break of 200-day EMA level of 1.1942 will aim for a confluence of 50.0% Fibonacci retracement and May’s low near 1.1985 but the 1.2000 psychological magnet may challenge EUR/USD buyers afterward.

EUR/USD daily chart

Trend: Pullback expected