EUR/USD probes resistance of trendline falling from 2008 highs. Daily chart shows bullish sentiment is quite strong. EUR/USD is struggling to establish a strong foothold above the trendline falling from 2008 and 2014 highs. At press time, the resistance is located at 1.1794. The pair did rise above that level during the overnight trade, but faced rejection at 1.1807 and retreated to levels below 1.1780, where it is currently trading. However, it is only a matter of time before the trendline hurdle is scaled in a convincing manner. This is because the daily candlestick arrangement shows sentiment is quite bullish. The pair had formed an inside day candle on Tuesday, validating the overbought reading on the 14-day relative strength index. Inside days typically mark trend reversals. However, in this case, the follow-through to Tuesday’s inside day was bullish – the pair clocked a fresh 22-month high of 1.1806 on Wednesday and closed above Tuesday’s high of 1.1774. What’s more, the RSI on the weekly and monthly charts continues to paint a bullish picture with an above-50 print. If the pair succeeds in printing a close above 1.1794 on Friday, the focus would shift to the next resistance lined up at 1.20. Meanwhile, on the downside, 1.1699 (Tuesday’s low) is the level to beat for the seller. A violation there may yield a notable pullback. Weekly chart Daily chart Trend: Bullish 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 Ethereum Classic Market Outlook: ETC/USD must overcome $7.34 resistance to reach $7.50 zone – Confluence Detector FX Street 3 years EUR/USD probes resistance of trendline falling from 2008 highs. Daily chart shows bullish sentiment is quite strong. EUR/USD is struggling to establish a strong foothold above the trendline falling from 2008 and 2014 highs. At press time, the resistance is located at 1.1794. The pair did rise above that level during the overnight trade, but faced rejection at 1.1807 and retreated to levels below 1.1780, where it is currently trading. However, it is only a matter of time before the trendline hurdle is scaled in a convincing manner. This is because the daily candlestick arrangement shows sentiment is quite bullish. … 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.
