EUR/USD is currently trading at 1.1228, having hit a three-week low of 1.1214 yesterday. The outlook, however, remains bearish, as the trendline trending south from the March 20 and March 26 highs is still intact.
While a break above that trendline hurdle, currently at 1.1239, may yield stronger oversold bounce, the outlook, as per the daily chart would remain bearish while the spot is held below the descending 10-day moving average at 1.1304. The pair found acceptance below 1.1280 (61.8% Fib R of 1.1176/1.1448), confirming a bullish-to-bearish trend change.
Rejection at the descending trendline, if followed by a break below the previous day’s low of 1.1214, would reinforce the bearish setup and could yield a slide to the recent low of 1.1176.
Hourly chart
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Trend: Bearish
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