EUR/USD Technical Analysis: Bears await a convincing break below ascending trend-channel

Haresh Menghani FXStreet

• The pair continued with its struggle to sustain/build on the attempted intraday up-move beyond 50-hour EMA and remains within striking distance of two-week lows set on Friday.

• Technical indicators on hourly/daily charts continue to hold in the bearish territory and support prospects for an extension of the ongoing bearish trajectory in the near-term.

EUR/USD 1-hourly chart

• Bearish traders, however, are likely to wait for a convincing break below a short-term ascending trend-channel formation on the daily chart before placing any aggressive bets.

• Below the mentioned support, the pair is likely to break through the 1.1300 round figure mark and aim towards challenging multi-month lows support near the 1.1215 region.

Daily chart

EUR/USD

Overview:
    Today Last Price: 1.1362
    Today Daily change: -3 pips
    Today Daily change %: -0.03%
    Today Daily Open: 1.1365
Trends:
    Daily SMA20: 1.143
    Daily SMA50: 1.1386
    Daily SMA100: 1.1463
    Daily SMA200: 1.1604
Levels:
    Previous Daily High: 1.1412
    Previous Daily Low: 1.1353
    Previous Weekly High: 1.1491
    Previous Weekly Low: 1.1353
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1375
    Daily Fibonacci 61.8%: 1.1389
    Daily Pivot Point S1: 1.1341
    Daily Pivot Point S2: 1.1318
    Daily Pivot Point S3: 1.1283
    Daily Pivot Point R1: 1.14
    Daily Pivot Point R2: 1.1435
    Daily Pivot Point R3: 1.1458

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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