EUR/USD Price Analysis: Notable bounce elusive despite oversold intraday conditions

• EUR/USD is sidelined near 1.09 at press time, having charted a lower high near 1.11 earlier this month. 
• Intraday charts are reporting oversold conditions, but so far, the bounce has remained elusive.

The single currency is struggling to gather upside momentum despite signs of seller exhaustion on intraday charts. 

For instance, the relative strength index (RSI) on the 4-hour chart is hovering below 30. Meanwhile, the hourly chart RSI is reporting a bullish divergence. 

So far, however, that has failed to inspire the buyers, leaving the pair sidelined just above 1.09. That said, a corrective bounce could still be seen during the European session. 

Any gains, however, could be short-lived as the recent slide from 1.1095 has put the single currency on track toward 1.0879 (Oct. 1 low). A violation there would expose the next support lined up near 1.0840.

Hourly chart

Trend: Bearish

Technical levels