EUR/USD Price Analysis: Bulls again fail to invalidate a lower high
|- Euro bulls struggle to force a breakout above a lower high at 1.1349.
- Daily RSI retains the bullish bias, key averages eye bull cross.
The EUR/USD failed to keep gains above 1.1349 – a lower high created on June 23 – on Monday and was last seen trading largely unchanged on the day near 1.1338.
A bull failure above 1.1349 was first observed last Thursday.
A close above 1.1349 is needed to invalidate the lower high pattern on the daily chart and open the doors for a stronger rally toward 1.1422 (June 10 high) and possibly to 1.15.
Supporting the case for a breakout is the above-50 or bullish reading on the 14-day relative strength index. In addition, the 100-day simple moving average (SMA) is about to cross above the 200-day SMA.
On the lower side, Friday’s low of 1.12 is the level to beat for the sellers. A violation there would shift the focus to the ascending 50-day SMA, currently at 1.1137.
Daily chart
Trend: Bullish above 1.1349
Technical levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.