EUR/USD’s repeated struggle to cross 1.1362 (76.4% Fib R of 1.1420/1.1176) may invite selling pressures.
4-hour chart
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As can be seen, the pair refreshed the rally from the recent low of 1.1176 with a pennant breakout on March 17. So far, however, a convincing move above 1.1362 has remained elusive.
Interestingly, the trendline connecting the Jan. 31 and Feb. 28 highs is also located near 1.1362, making it a key level to beat for the bulls. A 4-hour close above 1.1362 would open the doors to 1.14.
That said, multiple rejections at the Fib hurdle have weakened the immediate bull bias. The pair, therefore, risks falling back to 1.1325.
Trend: Mildly bearish
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