EUR/USD rose sharply on Friday, neutralizing the immediate bearish setup. The pair is yet to clear a key descending trendline hurdle. A violation of the trendline is needed to confirm a bullish reversal. EUR/USD is currently trading at 1.1080, representing a 0.13% drop on the day. The single currency ran into offers near 1.11 earlier today. That level is housing the resistance of the trendline connecting Dec. 31 and Jan. 16 highs. While Friday’s rise from 1.1017 to 1.1095 has invalidated the immediate bearish setup, a close above the descending trendline hurdle is needed to put the bulls back into the driver’s seat. A bullish close, if confirmed, would open up upside toward 1.1173 (Jan. 16 high). However, if the trendline hurdle continues to cap the upside for the next day or two, the sellers will likely feel emboldened and push the pair below the Jan.29 low of 1.0992. Daily chart Trend: Neutral 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 USD/JPY Price Analysis: 200-day SMA, 50% Fibonacci question further selling FX Street 2 years EUR/USD rose sharply on Friday, neutralizing the immediate bearish setup. The pair is yet to clear a key descending trendline hurdle. A violation of the trendline is needed to confirm a bullish reversal. EUR/USD is currently trading at 1.1080, representing a 0.13% drop on the day. The single currency ran into offers near 1.11 earlier today. That level is housing the resistance of the trendline connecting Dec. 31 and Jan. 16 highs. While Friday's rise from 1.1017 to 1.1095 has invalidated the immediate bearish setup, a close above the descending trendline hurdle is needed to put the bulls back into… 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.
