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

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

FX Street
Updated:
  • 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

 

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.

WARNING: The content on this site should not be considered investment advice and we are not authorised to provide investment advice. Nothing on this website is an endorsement or recommendation of a particular trading strategy or investment decision.  The information on this website is general in nature, so you must consider the information in light of your objectives, financial situation and needs. Investing is speculative. When investing your capital is at risk. This site is not intended for use in jurisdictions in which the trading or investments described are prohibited and should only be used by such persons and in such ways as are legally permitted. Your investment may not qualify for investor protection in your country or state of residence, so please conduct your own due diligence or obtain advice where necessary. Crypto promotions on this site do not comply with the UK Financial Promotions Regime and is not intended for UK consumers. This website is free for you to use but we may receive a commission from the companies we feature on this site.

© forexcrunch.com All Rights Reserved 2017 – 2024