EUR/USD technical analysis: Challenges 2-week old ascending trend-line support ahead of US retail sales


   •  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

EUR/USD

Overview
Today last price 1.1181
Today Daily Change -0.0025
Today Daily Change % -0.22
Today daily open 1.1206
 
Trends
Daily SMA20 1.1206
Daily SMA50 1.1248
Daily SMA100 1.1318
Daily SMA200 1.14
Levels
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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