EUR/USD Technical Analysis: Bearish consolidation patterns point to further near-term weakness

   •  The pair has been oscillating within a broader trading range, below 100-hour SMA, since the early North-American session on Tuesday.

   •  The range-bound price action constituted towards a rectangular chart pattern formation on the 1-hourly chart, marking a pause in the trend. 

   •  Meanwhile, technical indicators on hourly/daily chart have struggled to gain any positive traction and hints to a possible bearish breakdown. 

EUR/USD 1-hourly chart

   •  However, a positive breakthrough the mentioned trading range could get extended but seems more likely to be capped near a short-term descending trend-line.

   •  The mentioned trend-line, along with another ascending trend-line, forms another bearish consolidative pattern - symmetrical triangle on the daily chart.

Daily chart

EUR/USD

Overview:
    Today Last Price: 1.1342
    Today Daily change: -3.0 pips
    Today Daily change %: -0.0264%
    Today Daily Open: 1.1345
Trends:
    Previous Daily SMA20: 1.1348
    Previous Daily SMA50: 1.1427
    Previous Daily SMA100: 1.152
    Previous Daily SMA200: 1.1751
Levels:
    Previous Daily High: 1.1362
    Previous Daily Low: 1.1311
    Previous Weekly High: 1.1402
    Previous Weekly Low: 1.1267
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1342
    Previous Daily Fibonacci 61.8%: 1.133
    Previous Daily Pivot Point S1: 1.1317
    Previous Daily Pivot Point S2: 1.1288
    Previous Daily Pivot Point S3: 1.1266
    Previous Daily Pivot Point R1: 1.1367
    Previous Daily Pivot Point R2: 1.139
    Previous Daily Pivot Point R3: 1.1418

 

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