EUR/USD probes a 12-year-long macro bearish trendline. A break higher may remain elusive for some time due to overbought conditions. The American dollar’s relentless sell-off has pushed the EUR/USD close to the resistance of the trendline falling from July 2008 and May 2014 highs. At press time, the trendline resistance is located at 1.1788. The pair clocked a high fo 1.1781 during the overnight trade and is now trading at 1.1764, representing a 0.9% gain on a week-to-date basis. A strong move above 1.1788 would imply an end of the decade long macro bearish trend. That said, the 61.8% Fibonacci retracement of the sell-off from the February 2018 high of 1.2556 to the 2020 low of 1.0636 is located at 1.1822. A violation there would be stronger evidence of the bullish breakout. However, with the 14-day relative strength index reporting extreme overbought conditions, the bulls may have a tough time forcing a convincing break above 1.1822 in the short-run. The pair looks vulnerable to a sudden pullback to the ascending 5-day simple moving average (SMA), currently at 1.1667. Weekly chart Trend: Bullish but overbought 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 stays heavy near 4- ½ month low on Tokyo open FX Street 3 years EUR/USD probes a 12-year-long macro bearish trendline. A break higher may remain elusive for some time due to overbought conditions. The American dollar's relentless sell-off has pushed the EUR/USD close to the resistance of the trendline falling from July 2008 and May 2014 highs. At press time, the trendline resistance is located at 1.1788. The pair clocked a high fo 1.1781 during the overnight trade and is now trading at 1.1764, representing a 0.9% gain on a week-to-date basis. A strong move above 1.1788 would imply an end of the decade long macro bearish trend. That said, the 61.8% Fibonacci… 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.
