EUR/USD Price Analysis: Bounce stalls at trendline hurdle

EUR/USD is pressing into key trendline hurdle on the 4-hour chart.
Indicators and daily candles are reporting early signs of bullish reversal.

Omkar Godbole FXStreet Contributor

EUR/USD is currently trading at 1.1029, having hit a high of 1.1040 in the overnight trade.

The 4-hour chart shows the bounce from the weekly low of 1.0992 has stalled at the trendline sloping downwards from Jan. 16 and Jan. 23 highs.

A break above the trendline hurdle would validate the bullish divergence of the relative strength index and open the doors to 1.1080.

The possibility cannot be ruled out, as the daily candlesticks are beginning to paint a bullish picture. The pair eked out 0.20% gains on Thursday and closed above Wednesday’s high of 1.1028, confirming the seller exhaustion at 1.10 signaled by consecutive long-tailed daily candles.

The outlook would turn bearish if the spot finds acceptance under 1.10.

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1029
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.1032

Trends
Daily SMA20	1.1096
Daily SMA50	1.1099
Daily SMA100	1.1072
Daily SMA200	1.1128

Levels
Previous Daily High	1.1039
Previous Daily Low	1.1002
Previous Weekly High	1.1118
Previous Weekly Low	1.102
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1025
Daily Fibonacci 61.8%	1.1016
Daily Pivot Point S1	1.101
Daily Pivot Point S2	1.0987
Daily Pivot Point S3	1.0973
Daily Pivot Point R1	1.1047
Daily Pivot Point R2	1.1061
Daily Pivot Point R3	1.1084

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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