- EUR/USD trades near the 1.1200 mark, lowest in a month, on early Tuesday.
- Having failed to confirm “falling wedge” bullish formation during mid-March, the quote is presently aiming to revisit March month lows, around 1.1175.
- However, oversold levels of 14-day relative strength index (RSI) and a descending trend-line joining November and March month low, at 1.1170, could confine the EUR/USD pair’s further downside around 1.1175/70 area.
- In a case bears refrain from respecting 1.1170, June 2017 low around 1.1120 followed by 1.1110 comprising May 2017 bottom could offer intermediate halts during their journey towards another downward sloping trend-line stretched since August 2018, at 1.1080 now.
- Alternatively, pair’s pullback can avail 1.1250 as an immediate resistance ahead of challenging 1.1300 and 50-day simple moving average (SMA) level of 1.1330.
- In a case where prices rally beyond 1.1330, upper-line of a medium-term “falling wedge”, at 1.1395/1.1400, becomes crucial to watch as a break of which can trigger the pair’s rally towards 1.1450, 200-day SMA level of 1.1470 and then further towards surpassing highs of 2018.
EUR/USD daily chart
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