EUR/USD Technical Analysis: Attempted move beyond 1.1300 mark likely to get sold into

   “¢   The pair maintained a mildly positive tone through the mid-European session, albeit continued with its struggle to build on the momentum further beyond the 1.1300 mark.

   “¢   The mentioned handle coincides with 50% Fibonacci retracement level of the 1.1422-1.1176 recent slump and hence, should act as a key pivotal point for intraday traders.

   “¢   Looking at a slightly bigger picture, the post-ECB recovery from the lowest level since June 2017 has been along an ascending trend-channel formation on the 1-hourly chart.

   “¢   Given the recent decline over the past two weeks or so, the channel seemed to have constituted towards the formation of a bearish continuation flag chart pattern.

   “¢   Hence, any subsequent move beyond the 1.1300 handle seems more likely to remain capped, rather meet with some fresh supply near the 1.1320 region (pre-ECB swing high).

   “¢   Meanwhile, a convincing break below the 1.1270 confluence region – comprising of 38.2% Fibo. level, 50-hour SMA and the channel support, will further reinforce the bearish outlook.

EUR/USD 1-hourly chart