EUR/USD Price Analysis: Euro dives out bullish trendline

EUR/USD violates bullish trendline, after rejection above 1.22.
The weekly chart suggests scope for a re-test of February lows.

Omkar Godbole FXStreet Contributor

EUR/USD failed to keep gains above 1.22 on Thursday and ended Friday at 1.2070, forming a weekly red candle with a long upper shadow, a bearish sign, and a downside break of the trendline rising from May and November lows.

The breakdown is backed by a negative or bearish reading on the weekly chart MACD histogram; an indicator used to gauge trend strength and identify trend changes.

The pair could revisit February's low of 1.1952, under which the ascending 50-week Simple Moving Average, currently at 1.1644, could offer support.

A close above 1.2243 (Thursday's high) is needed to revive the bullish outlook.

Weekly chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.2095
Today Daily Change	0.0029
Today Daily Change %	0.24
Today daily open	1.2066

Trends
Daily SMA20	1.2093
Daily SMA50	1.2149
Daily SMA100	1.2026
Daily SMA200	1.1796

Levels
Previous Daily High	1.2184
Previous Daily Low	1.2065
Previous Weekly High	1.2243
Previous Weekly Low	1.2065
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.2111
Daily Fibonacci 61.8%	1.2139
Daily Pivot Point S1	1.2026
Daily Pivot Point S2	1.1986
Daily Pivot Point S3	1.1907
Daily Pivot Point R1	1.2145
Daily Pivot Point R2	1.2224
Daily Pivot Point R3	1.2264

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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