- EUR/USD’s 4-hour chart shows bull fatigue above 1.1750.
- The pair risks falling to the psychological support of 1.17.
EUR/USD has faced rejection above 1.1750 multiple times since Sept. 30.
The pair is now trading near 1.1738 with the 4-hour chart MACD histogram, an indicator used to identify trend changes and trend strength, signaling uptrend exhaustion with lower highs above the zero line.
Further, the 4-hour chart relative strength index is now pointing south, having faced rejection at 66 twice since Sept. 29.
As such, the pair could fall back to support at 1.17-1.1684. A close below that level would expose 1.1612 (Sept. 25 low).
Alternatively, a close above the resistance of the trendline falling from Sept. 1 high and Sept. 21 high is needed to put the bulls back into the driver’s seat.
4-hour chart
Trend: Bearish
Technical levels
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