EUR/USD Price Analysis: Flashing red, descending trendline is still intact


  • EUR/USD rose sharply on Friday, neutralizing the immediate bearish setup. 
  • The pair is yet to clear a key descending trendline hurdle. 
  • A violation of the trendline is needed to confirm a bullish reversal. 

EUR/USD is currently trading at 1.1080, representing a 0.13% drop on the day. 

The single currency ran into offers near 1.11 earlier today. That level is housing the resistance of the trendline connecting Dec. 31 and Jan. 16 highs. 

While Friday's rise from 1.1017 to 1.1095 has invalidated the immediate bearish setup, a close above the descending trendline hurdle is needed to put the bulls back into the driver's seat. 

A bullish close, if confirmed, would open up upside toward 1.1173 (Jan. 16 high).  However, if the trendline hurdle continues to cap the upside for the next day or two,
the sellers will likely feel emboldened and push the pair below the Jan.29 low of 1.0992.

Daily chart

Trend: Neutral

Technical levels

EUR/USD

Overview
Today last price 1.1082
Today Daily Change -0.0009
Today Daily Change % -0.08
Today daily open 1.1091
 
Trends
Daily SMA20 1.1093
Daily SMA50 1.11
Daily SMA100 1.1072
Daily SMA200 1.1128
 
Levels
Previous Daily High 1.1092
Previous Daily Low 1.1017
Previous Weekly High 1.1092
Previous Weekly Low 1.0992
Previous Monthly High 1.1225
Previous Monthly Low 1.0992
Daily Fibonacci 38.2% 1.1063
Daily Fibonacci 61.8% 1.1046
Daily Pivot Point S1 1.1041
Daily Pivot Point S2 1.0992
Daily Pivot Point S3 1.0966
Daily Pivot Point R1 1.1116
Daily Pivot Point R2 1.1142
Daily Pivot Point R3 1.1191

 

 

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