EUR/USD fails to take out a 12-year-long bearish trendline. Daily RSI continues to show overbought conditions for the euro. EUR/USD is trading in the red near 1.1755 at press time, having hit a 26-month high of 1.1909 on Friday. Notably, on Friday, the pair fell 0.60% and failed to close above the resistance of trendline falling from 2008 and 2014 highs. That, alongside an overbought or above-70 reading on the relative strength index is indicative of ebbing of bullish momentum. As such, the pair may test dip demand by testing the 10-day simple moving average (SMA), which is currently located at 1.1698. Acceptance under that level could cause some buyers to exit the market, leading to a deeper decline toward 1.1495 (March 9 high). Alternatively, the immediate bullish bias would be revived if the 10-day SMA support holds ground. Daily chart Weekly chart Trend: Pullback underway Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD Price Analysis: Drops below 1.3100 after Friday’s shooting star candlestick FX Street 3 years EUR/USD fails to take out a 12-year-long bearish trendline. Daily RSI continues to show overbought conditions for the euro. EUR/USD is trading in the red near 1.1755 at press time, having hit a 26-month high of 1.1909 on Friday. Notably, on Friday, the pair fell 0.60% and failed to close above the resistance of trendline falling from 2008 and 2014 highs. That, alongside an overbought or above-70 reading on the relative strength index is indicative of ebbing of bullish momentum. As such, the pair may test dip demand by testing the 10-day simple moving average (SMA), which is currently located… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
