EUR/USD Price Analysis: EUR/USD Is Hovering Near The Advancing Trendline Edge Above 1.0900

During the Asian session, the EUR/USD pair is fluctuating erratically in a tight range near 1.0926. Following in the footsteps of the sideways US Dollar Index (DXY), the major currency pair is struggling to find direction.

In Asia, S&P500 futures are showing slight losses as investors are concerned about the impending quarterly earnings season, indicating a slight decline in market participants' risk appetite. After the demise of United States regional banks, investors are concerned about any gaps in quarterly banking reports.

As European Central Bank (ECB) policymakers are divided over the tempo of the policy-tightening cycle to be implemented at the May monetary policy meeting, the Euro has entered the woods. ECB policymaker Martins Kazaks stated on Monday that the central bank has the option to move by either 25 or 50 basis points (bps) in May.

On a two-hour time frame, EUR/USD experienced a sharp decline after failing to sustain above the 161.8% Fibonacci Extension at 1.1057 (positioned from April 4's high of 1.0973 to April 10's low of 1.0837). The main currency pair has fallen below the upward trendline drawn from the 24 March low of 1.0714.

For Euro supporters, the 20-period Exponential Moving Average (EMA) at 1.0962 is acting as a barrier.

In the meantime, the Relative Strength Index (RSI) (14) has moved into the bearish zone between 20.00 and 40.00, indicating further deterioration to come.

A conclusive break below the low of April 12 at 1.0915 will drive the asset towards the low of April 10 at 1.0837 and the low of April 03 at 1.0758.

In contrast, a breach above the psychological resistance level of 1.1000 would propel the asset to a new annual high of 1.1068, followed by the round-level resistance level of 1.1100.