EUR/USD Price Analysis: 1.18 is the level to defend for the bulls

EUR/USD's daily chart shows seller exhaustion below 1.18.
The immediate hurdle is seen at 1.1865 followed by 1.20.

Omkar Godbole FXStreet Contributor

EUR/USD is trading in a sidelined manner near 1.1837 during Monday's Asian hours.

The pair created a long-tailed candle for the second straight day on Friday, marking bear failure below the psychological support of 1.18 and signaling scope for a reversal higher.

However, a move above Friday's high of 1.1865 is needed to confirm an end of a pullback from the recent high of 1.2011 and put the bulls back into the driver's seat. Alternatively, a break under trendline rising from May 14 and July 1 highs would imply a bullish-to-bearish trend change. At press time, the trendline support is located at 1.1765.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1835
Today Daily Change	-0.0004
Today Daily Change %	-0.03
Today daily open	1.1839

Trends
Daily SMA20	1.1839
Daily SMA50	1.1645
Daily SMA100	1.1341
Daily SMA200	1.1186

Levels
Previous Daily High	1.1866
Previous Daily Low	1.1781
Previous Weekly High	1.2011
Previous Weekly Low	1.1781
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1813
Daily Fibonacci 61.8%	1.1833
Daily Pivot Point S1	1.1791
Daily Pivot Point S2	1.1744
Daily Pivot Point S3	1.1707
Daily Pivot Point R1	1.1876
Daily Pivot Point R2	1.1913
Daily Pivot Point R3	1.196

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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