EUR/USD Price Analysis: Mildly bid in Asia, 1.0809 is the level to defend for bulls

• Tuesday's pin bar candle has made 1.0809 the level to defend for the bulls.
• A break below that level could bring in stronger selling pressure. 

EUR/USD is trading near 1.0835 at press time, representing 0.15% gains on the day. 

The currency pair formed an inverted bearish hammer or bearish pin bar candle on Tuesday as it faced rejection at highs around the resistance of the trendline connecting March 30 and April 15 lows and ended the day on a negative note. 

The bearish candle would gain credence if the spot drops below Tuesday's low of 1.0809. That will likely yield a sell-off to 1.0727 (April 24 low). A violation there would expose the 2020 low of 1.0636. 

On the higher side, a daily close above Tuesday's high of 1.0888 would invalidate the bearish pin bar and put the bulls into the driver's seat. 

Daily chart

Trend: Bearish below 1.0809

Technical levels