EUR/USD Price Analysis: Eyes bullish trendline after rejection above 1.19

EUR/USD's daily chart shows bull failure at 1.19.
Daily chart RSI shows bearish bias with lower highs.

Omkar Godbole FXStreet Contributor

EUR/USD looks south, having failed to chew through offers around the psychological level of 1.19 on Tuesday.

The bulls have failed twice in the past four trading days to establish a foothold above 1.19. Notably, on Tuesday, the currency pair faced rejection at 1.19 and closed in the red near 1.1846, forming an inverted hammer, a bearish pattern.

That, coupled with lower highs on the 14-day relative strength index, suggests scope for more profound losses in the common currency.

Key support is seen at 1.1816 – that level is currently housing the trendline rising from May 14 and July 10 lows. A break below that would expose the Sept. 9 low of 1.1753.

On the higher side, a close above 1.19 is needed to restore the bullish bias.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1834
Today Daily Change	-0.0013
Today Daily Change %	-0.11
Today daily open	1.1847

Trends
Daily SMA20	1.1842
Daily SMA50	1.1724
Daily SMA100	1.1411
Daily SMA200	1.1212

Levels
Previous Daily High	1.1901
Previous Daily Low	1.184
Previous Weekly High	1.1918
Previous Weekly Low	1.1753
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1863
Daily Fibonacci 61.8%	1.1877
Daily Pivot Point S1	1.1824
Daily Pivot Point S2	1.1801
Daily Pivot Point S3	1.1763
Daily Pivot Point R1	1.1885
Daily Pivot Point R2	1.1924
Daily Pivot Point R3	1.1946

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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