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EUR/USD Price Analysis: Trades near two-month ascending trendline

FX Street
Updated:
  • EUR/USD is sidelined near key trendline support in Asia. 
  • The daily chart shows signs of bull fatigue above 1.23.

EUR/USD is trading near 1.2250 at press time. That level is currently housing the trendline rising from Nov. 4 and Nov. 23 lows. 

Acceptance below the trendline would validate the bull fatigue signaled by the pair’s failure to keep gains above 1.23 for the third straight trading day on Monday and open the doors to the 30-day Simple Moving Average (SMA), currently at 1.2121. 

That looks likely as the 14-day Relative Strength Index has diverged in favor of the bear. The pair needs to see quick progress above 1.23 to negate downside risks. 

Daily chart

Trend: Bullish above 1.23

Technical levels

 

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