EUR/USD Price Analysis: Eyes pullback after failure to beat macro trendline hurdle

EUR/USD fails to take out a 12-year-long bearish trendline.
Daily RSI continues to show overbought conditions for the euro.

Omkar Godbole FXStreet Contributor

EUR/USD is trading in the red near 1.1755 at press time, having hit a 26-month high of 1.1909 on Friday.

Notably, on Friday, the pair fell 0.60% and failed to close above the resistance of trendline falling from 2008 and 2014 highs.

That, alongside an overbought or above-70 reading on the relative strength index is indicative of ebbing of bullish momentum.

As such, the pair may test dip demand by testing the 10-day simple moving average (SMA), which is currently located at 1.1698.

Acceptance under that level could cause some buyers to exit the market, leading to a deeper decline toward 1.1495 (March 9 high).

Alternatively, the immediate bullish bias would be revived if the 10-day SMA support holds ground.

Daily chart

Weekly chart

Trend: Pullback underway

Technical levels

EUR/USD

Overview
Today last price	1.1781
Today Daily Change	0.0003
Today Daily Change %	0.03
Today daily open	1.1778

Trends
Daily SMA20	1.1507
Daily SMA50	1.1332
Daily SMA100	1.1109
Daily SMA200	1.1089

Levels
Previous Daily High	1.1909
Previous Daily Low	1.1762
Previous Weekly High	1.1909
Previous Weekly Low	1.1642
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1818
Daily Fibonacci 61.8%	1.1853
Daily Pivot Point S1	1.1723
Daily Pivot Point S2	1.1669
Daily Pivot Point S3	1.1576
Daily Pivot Point R1	1.187
Daily Pivot Point R2	1.1963
Daily Pivot Point R3	1.2017

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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