EUR/USD technical analysis: Mildly bid, but bull reversal remains elusive

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  • EUR/USD on Friday failed to confirm a bullish close above 1.1087.
  • Key trendline hurdle is the new level to beat for the bulls.

EUR/USD is currently trading at 1.1078, representing marginal gains on the day amid oil price spike.

The currency pair on Friday faced rejection at the resistance of the trendline connecting June 25 and Aug. 13 highs and closed below 1.1087 – the high of Thursday’s bullish engulfing candle.

The pair, therefore, failed to confirm a bullish reversal. Also, now the descending trendline is the level to beat for the bulls.

As of writing, the falling trendline hurdle is seen at 1.1103. A daily close above that level would validate Thursday’s bullish candle and open the doors to 1.1164 (Aug. 26 high) and 1.12.

On the downside, key support is 1.1055 (Friday’s low), which if violated, would mark the continuation of the retreat from Friday’s high of 1.1110.

Daily chart

Trend: Bullish above 1.1103

Technical levels

 

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