EUR/USD Price Analysis: Holds above 1.09, charts show failed breakout

EUR/USD's 4-hour chart shows risks are skewed to the downside.
A move above 1.10 is needed to turn the tide in favor of the bulls.

Omkar Godbole FXStreet Contributor

EUR/USD is trading in the green near 1.0918 at press time, having found bids near 1.0890 on Monday.

The path of least resistance is to the downside, as the 4-hour chart is reporting a failed breakout - the spot breached the descending trendline connecting March 8 and March 29 highs last week with a move above 1.0940. So far, however, that has failed to entice buyers, as evidenced by the pullback from 1.0968 to 1.0918.

Further, the 4-hour chart shows a rising wedge breakdown, a bearish reversal pattern, which indicates the corrective bounce from 1.0768 has ended and sellers have regained control.

All in all, risks appear skewed in favor of a drop to 1.0768. A convincing move above 1.10 (4-hour chart 200-candle average) is needed to put the bulls back into the driver's seat.

4-hour chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.0918
Today Daily Change	0.0004
Today Daily Change %	0.04
Today daily open	1.0914

Trends
Daily SMA20	1.0895
Daily SMA50	1.0969
Daily SMA100	1.1035
Daily SMA200	1.106

Levels
Previous Daily High	1.0968
Previous Daily Low	1.0893
Previous Weekly High	1.0952
Previous Weekly Low	1.0768
Previous Monthly High	1.1497
Previous Monthly Low	1.0636
Daily Fibonacci 38.2%	1.0921
Daily Fibonacci 61.8%	1.0939
Daily Pivot Point S1	1.0882
Daily Pivot Point S2	1.085
Daily Pivot Point S3	1.0807
Daily Pivot Point R1	1.0957
Daily Pivot Point R2	1.1
Daily Pivot Point R3	1.1032

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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