EUR/USD’s 4-hour chart shows a failed breakout – a bearish sign. Thursday’s candle also indicates the path of least resistance is to the downside. EUR/USD will likely face selling pressure, having failed to capitalize on a bullish breakout on Thursday. The common currency exited the falling channel with a bullish move to 1.1163 about 12 hours ago. The channel breakout on the 4-hour chart, however, failed to draw bids, allowing the EUR/USD pair to fall back to 1.11. Failed breakouts are powerful bearish reversal signals, according to technical analysis theory. The relative strength index (RSI) on the 4-hour chart is also reporting bearish conditions with a below-50 print. Further, Thursday’s bearish outside bar reversal candle indicates the path of least resistance is to the downside. The pair, therefore, risks falling 1.1070 – the support of the ascending trendline on the 4-hour chart. The bearish case would be invalidated if the spot rises above 1.1163. As of writing, the pair is trading in a sideways manner near 1.11 support. 4-hour chart Trend: Bullish 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. View All Post By FX Street FXStreet News share Read Next Coinbase secured $2B in transaction fees since launch FX Street 3 years EUR/USD's 4-hour chart shows a failed breakout - a bearish sign. Thursday's candle also indicates the path of least resistance is to the downside. EUR/USD will likely face selling pressure, having failed to capitalize on a bullish breakout on Thursday. The common currency exited the falling channel with a bullish move to 1.1163 about 12 hours ago. The channel breakout on the 4-hour chart, however, failed to draw bids, allowing the EUR/USD pair to fall back to 1.11. Failed breakouts are powerful bearish reversal signals, according to technical analysis theory. The relative strength index (RSI) on the 4-hour… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
