- EUR/USD failed to establish a foothold at four-month highs on Wednesday.
- Another failure above 1.1450 could jeopardize the uptrend.
EUR/USD is currently trading at 1.1314, having clocked a four-month high of 1.1452 on Wednesday.
The long upper wick on Wednesday’s candle shows rejection at higher levels (four-month highs) – a hint of waning bullish interest.
If the pair again fails to clear the new-found ceiling, it would put the shared currency’s upside potential in doubt, causing some buyers to exit the market, leading to a pullback.
Hence, quick progress above 1.1452 is needed to keep the pair on an upward trajectory. That would open the doors for a potential break above 1.15.
Alternatively, another rejection at 1.1452 will likely yield a re-test of the ascending 10-day simple moving average (SMA), currently at 1.1452.
Daily chart
Trend: Uptrend stalling
Technical levels
Share
