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

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
  1. PP 1.131
    1. S1 1.1279
    2. S2 1.1226
    3. S3 1.1195

 

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