Search ForexCrunch

EUR/USD is now trading below the 1.13 level after having failed at the 1.1350 resistance for a third time. Therefore, Tuesday’s 4-hour chart is pointing to a triple top at the 1.1350 mark, FXStreet’s analyst Yohay Elam reports.

Key quotes

“EUR/USD is trading above the 50, 100, and 200 Simple Moving Averages and momentum remains positive – but its third failure to break above 1.1350 is a bearish sign. What cannot go up must come down, at least for now.” 

“Support awaits at 1.1265, a swing high from last week, followed by 1.1220, a support line from back then. The next lines to watch are 1.1285 and 1.1265.” 

“Initial resistance is at the swing high of 1.13, followed by the triple-top of 1.1350. Further above, 1.1385 awaits the pair.”