• 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|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.