EUR/USD Technical Analysis: Closing on key falling trendline hurdle at 1.1345

Omkar Godbole FXStreet Contributor

EUR/USD is trading within a striking distance of 1.1345 - resistance of the trendline sloping downwards from the Jan. 31 and Feb. 2 highs.

4-hour chart

As seen above, the pair has charted a bullish divergence of the relative strength index (RSI). Further, 5- and 10-candle moving averages (MAs) have produced a bullish crossover.

The pair, therefore, could beat the trendline hurdle, currently 1.1345. That would only bolster the bullish setup and boost the odds of the pair confirming a short-term bullish reversal with a daily close above 1.1340 (the previous day's high).

Trend: bullish above trendline

1. R3 1.1447
2. R2 1.1394
3. R1 1.1363
PP 1.131
1. S1 1.1279
2. S2 1.1226
3. S3 1.1195

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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