• The EUR/USD pair finally broke down of its Asian/early European session consolidation phase and drifted into negative territory for the third straight session.
• The intraday slide forced the pair to test a short-term ascending trend-line support, extending from yearly lows - set on April 26, through May monthly lows.
Meanwhile, the pair's inability to capitalize on the recent positive move and repeated failures near 50-day SMA now seemed to have constituted towards the formation of a bearish double-top chart pattern on short-term charts.
Oscillators on daily/4-hourly charts have been gaining negative momentum and point to an extension of the ongoing slide, albeit slightly oversold conditions on the 1-hourly chart warrant some caution for bearish traders.
Hence, it would be prudent to wait for a convincing break below the mentioned trend-line support before confirming a near-term bearish breakdown and positioning for a slide back towards challenging yearly lows, around the 1.1100 handle.
EUR/USD 1-hourly chart
|Today last price||1.1181|
|Today Daily Change||-0.0025|
|Today Daily Change %||-0.22|
|Today daily open||1.1206|
|Previous Daily High||1.1246|
|Previous Daily Low||1.1201|
|Previous Weekly High||1.1254|
|Previous Weekly Low||1.1166|
|Previous Monthly High||1.1326|
|Previous Monthly Low||1.1111|
|Daily Fibonacci 38.2%||1.1218|
|Daily Fibonacci 61.8%||1.1229|
|Daily Pivot Point S1||1.1189|
|Daily Pivot Point S2||1.1173|
|Daily Pivot Point S3||1.1145|
|Daily Pivot Point R1||1.1234|
|Daily Pivot Point R2||1.1262|
|Daily Pivot Point R3||1.1278|
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