EUR/USD Price Analysis: Euro may be eyeing reversal lower

EUR/USD's weekly chart candlestick pattern shows uptrend fatigue.
The previous week's low is the level to defend for the bulls.

Omkar Godbole FXStreet Contributor

EUR/USD's two weeks of indecisive price action may presage a short-term bearish reversal.

The pair formed a second consecutive Doji candle on the weekly chart during the five days to Sept. 18. A Doji is usually taken to represent indecision in the market place. However, in this case, the back-to-back Doji candles have appeared following a notable rally from 1.08 to 1.2011. As such, they are indicative of buyer exhaustion.

The lower highs on the weekly chart MACD histogram also suggest bull fatigue. Hence, a pullback may be seen in the short-term.

Acceptance under last week's low of 1.1737 would confirm a bullish-to-bearish trend change.

On the higher side, a daily close above 1.20 is needed to restore the bullish bias.

Daily chart

Trend: Buyer fatigue

Technical levels

EUR/USD

Overview
Today last price	1.1846
Today Daily Change	0.0006
Today Daily Change %	0.05
Today daily open	1.184

Trends
Daily SMA20	1.1842
Daily SMA50	1.1756
Daily SMA100	1.1438
Daily SMA200	1.1222

Levels
Previous Daily High	1.187
Previous Daily Low	1.1826
Previous Weekly High	1.1901
Previous Weekly Low	1.1738
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1843
Daily Fibonacci 61.8%	1.1854
Daily Pivot Point S1	1.1821
Daily Pivot Point S2	1.1801
Daily Pivot Point S3	1.1776
Daily Pivot Point R1	1.1865
Daily Pivot Point R2	1.189
Daily Pivot Point R3	1.1909

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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