EUR/USD Price Analysis: Seesaws near 1.1600 inside bear flag on 4H

• EUR/USD struggles for a clear direction within a bearish chart pattern.
• Sellers await 1.1580 break, bulls need 1.1640 clearance for fresh entries.
• Easing bullish bias of MACD, failures to rebound keep bears hopeful.

EUR/USD remains on the back foot, recently sidelined around 1.1600, during Wednesday’s Asian session.

That said, the easing bullish bias of the MACD joins a bear flag formation on the four-hour (4H) play to keep the pair sellers hopeful.

However, a clear downside break of the flag’s support, near 1.1580, becomes necessary for the sellers to tighten the grips.

Following that the yearly low of 1.1562 and the 1.1500 threshold may entertain the bears  ahead of the theoretical target surrounding 1.1250-45.

Meanwhile, corrective pullback remains elusive below a convergence of the 50-SMA, flag's upper line and a downward sloping trend line from the mid-September, near 1.1640.

In a case where the EUR/USD buyers manage to cross the 1.1640 key hurdle, its run-up towards the late September swing high close to 1.1755 can’t be ruled out. However, the 1.1700 threshold and 1.1710 levels may offer intermediate halts during the run-up.

EUR/USD: Four-hour chart

Trend: Further weakness expected