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EUR/USD Technical Analysis: Resting above 50-day MA support

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  • A widely-followed MA is offering support to EUR/USD.  
  • The bearish setup remains valid with the double top pattern calling a move below 1.10.

EUR/USD is currently holding above the 50-day average support at 1.1039 with the daily chart reporting a bearish bias.  

Notably, the double top breakdown confirmed on Wednesday indicates the common currency could roll over to deeper support levels below 1.10.

The 14-day relative strength index is also reporting bearish conditions with a below-50 print.  

The lower highs setup on the hourly chart also indicates the path of least resistance is to the downside. A break above 1.1092 is needed to invalidate the lower highs pattern.  

EUR/USD is trading at 1.1050 at press time.  

Daily chart

Trend: Bearish

Technical levels

 

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