EUR/USD Technical Analysis: Bearish wedge continuing to firm up as Fiber sees downside from 1.1460

Joshua Gibson FXStreet

Over the past twenty-four hours, the EUR/USD continued to struggle near medium-term resistance near 1.1460, and Monday's bullish play fizzled as Greenback buyers stepped onto the scene, taking the Euro down from yesterday's peak near 1.1550. The shortside remains the favourable position, unless Tuesday's action sees EUR bidders mark in a return and drive the Fiber back into the 1.1500 region.

EUR/USD analysis: dollar bulls seize every chance

EUR/USD, M5

The past week continues to confirm a bearish bias, with Monday's chart action neatly rejecting the current downside trendline from 1.1550, and the previous support line from 1.1460 is threatening to turn into near-term resistance.

EUR/USD, M30

Over the past month, the EUR/USD has begun to shape up into a bearish wedge pattern, and rising potential for a firm break of the bottom of the pattern from 1.1460 will see the EUR/USD falling into new lows for 2018.

EUR/USD, H4

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EUR/USD

Overview:
    Last Price: 1.1456
    Daily change: -75 pips
    Daily change: -0.650%
    Daily Open: 1.1531
Trends:
    Daily SMA20: 1.1571
    Daily SMA50: 1.1584
    Daily SMA100: 1.1623
    Daily SMA200: 1.1909
Levels:
    Daily High: 1.154
    Daily Low: 1.1531
    Weekly High: 1.1622
    Weekly Low: 1.1433
    Monthly High: 1.1816
    Monthly Low: 1.1526
    Daily Fibonacci 38.2%: 1.1496
    Daily Fibonacci 61.8%: 1.1472
    Daily Pivot Point S1: 1.1453
    Daily Pivot Point S2: 1.1392
    Daily Pivot Point S3: 1.1351
    Daily Pivot Point R1: 1.1555
    Daily Pivot Point R2: 1.1596
    Daily Pivot Point R3: 1.1657

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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