EUR/USD’s 4-hour chart shows risks are skewed to the downside. A move above 1.10 is needed to turn the tide in favor of the bulls. EUR/USD is trading in the green near 1.0918 at press time, having found bids near 1.0890 on Monday. The path of least resistance is to the downside, as the 4-hour chart is reporting a failed breakout – the spot breached the descending trendline connecting March 8 and March 29 highs last week with a move above 1.0940. So far, however, that has failed to entice buyers, as evidenced by the pullback from 1.0968 to 1.0918. Further, the 4-hour chart shows a rising wedge breakdown, a bearish reversal pattern, which indicates the corrective bounce from 1.0768 has ended and sellers have regained control. All in all, risks appear skewed in favor of a drop to 1.0768. A convincing move above 1.10 (4-hour chart 200-candle average) is needed to put the bulls back into the driver’s seat. 4-hour chart Trend: Bearish 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 Path to re-opening the US economy will be long – Morgan Stanley FX Street 2 years EUR/USD's 4-hour chart shows risks are skewed to the downside. A move above 1.10 is needed to turn the tide in favor of the bulls. EUR/USD is trading in the green near 1.0918 at press time, having found bids near 1.0890 on Monday. The path of least resistance is to the downside, as the 4-hour chart is reporting a failed breakout - the spot breached the descending trendline connecting March 8 and March 29 highs last week with a move above 1.0940. So far, however, that has failed to entice buyers, as evidenced by the pullback from 1.0968 to 1.0918.… 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.
