EUR/USD Technical Analysis: Bid in holiday-thinned trade, bullish channel breakdown confirmed

Omkar Godbole FXStreet Contributor

EUR/USD is mildly bid in Asia, but the gains could be short-lived, as yesterday’s sell-off seems to have put sellers in commanding position for the near term.

As of writing, the pair is trading at the session high of 1.1241, having hit lows near 1.1260 earlier today. The shared currency fell more than 70 pips yesterday, confirming a downside break of the rising channel.

Daily chart

The repeated failure to close above 1.13 followed by the bullish channel breakdown indicates the path of least resistance is now to the downside and the recent lows near 1.1170 could soon come into play.
The sell-off, however, may not happen today, as trading volumes will remain thin on account of the Good Friday holiday in major FX trading hubs in Europe and the US.

Trend: Bearish

EUR/USD

Overview
Today last price	1.1241
Today Daily Change	0.0011
Today Daily Change %	0.10
Today daily open	1.1231

Trends
Daily SMA20	1.1256
Daily SMA50	1.1296
Daily SMA100	1.1348
Daily SMA200	1.1441

Levels
Previous Daily High	1.1306
Previous Daily Low	1.1226
Previous Weekly High	1.1326
Previous Weekly Low	1.1213
Previous Monthly High	1.1448
Previous Monthly Low	1.1176
Daily Fibonacci 38.2%	1.1257
Daily Fibonacci 61.8%	1.1275
Daily Pivot Point S1	1.1203
Daily Pivot Point S2	1.1175
Daily Pivot Point S3	1.1124
Daily Pivot Point R1	1.1282
Daily Pivot Point R2	1.1333
Daily Pivot Point R3	1.1361

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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