EUR/USD Price Analysis: Slides towards 1.0470 immediate support, rising wedge eyed
|- EUR/USD reverses the previous day’s rebound during the first weekly loss in three.
- Downbeat oscillators direct intraday sellers towards one-week-old ascending trend line.
- Rising wedge keeps bears hopeful, 100-SMA adds to the downside filter.
EUR/USD takes offers to reverse the previous day’s recovery around 1.0500, snapping a two-week uptrend during early Thursday.
The major currency pair’s latest losses could be linked to the failure to cross the downward-sloping resistance line from Monday. Also favoring the bearish bias are the downbeat MACD signals and mostly steady RSI (14).
Above all, a one-month-old rising wedge bearish formation at the highest levels in six months keeps the AUD/USD sellers hopeful.
That said, the EUR/USD pair’s latest declines aim for the one-week-old support line, near 1.0470.
However, the aforementioned rising wedge’s support line and the 100-SMA, respectively around 1.0425 and 1.0400, could challenge the quote’s additional south run.
It’s worth noting that the 200-SMA near 1.0210 and the November 10 swing low around 0.9935 act as the last defenses of the EUR/USD buyers, a break of which won’t hesitate to direct bears towards the theoretical target of rising wedge confirmation, near 0.9740.
Meanwhile, recovery moves will initially aim for the aforementioned resistance line stretched from Monday, near 1.0540.
Following that, the latest multi-day high near 1.0600 and the stated wedge’s upper line, close to 1.0615 by the press time, may challenge the EUR/USD bulls.
EUR/USD: Four-hour chart
Trend: Further downside expected
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