EUR/USD Price Analysis: Daily chart shows failed breakout

EUR/USD's daily chart shows a failed bullish breakout.
The pair risks falling to support below 1.17.

Omkar Godbole FXStreet Contributor

EUR/USD fell 0.40% on Tuesday and closed back inside a falling channel represented by trendlines connecting Sept. 1 and Sept. 21 highs and Sept. 8 and Sept. 25 lows.

Essentially, the bearish channel breakout confirmed on Oct. 5 has been neutralized by Tuesday's decline.

Chart analysts consider failed breakouts as powerful bearish signals. As such, the currency pair now looks south and could test support at 1.1696 (Oct. 2 low).

Tuesday's high of 1.1808 is now the level to beat for the bulls. At press time, the pair is trading in a sideways manner near 1.1733.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1733
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.1734

Trends
Daily SMA20	1.1762
Daily SMA50	1.1803
Daily SMA100	1.1542
Daily SMA200	1.1257

Levels
Previous Daily High	1.1808
Previous Daily Low	1.1732
Previous Weekly High	1.177
Previous Weekly Low	1.1615
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1761
Daily Fibonacci 61.8%	1.1779
Daily Pivot Point S1	1.1708
Daily Pivot Point S2	1.1682
Daily Pivot Point S3	1.1632
Daily Pivot Point R1	1.1784
Daily Pivot Point R2	1.1833
Daily Pivot Point R3	1.1859

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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