EUR/USD Technical Analysis: Euro chattering along support as bearish trendline continues to hold

  • Rough triangle forming on Euro declines; traders will be keeping an eye out for ECB moves this week as central bank muses a withdrawal from QE programs.
  • Wednesday's lower high punches in a confirmation of descending trendline.
  • Hourly indicators are prepped to spin for higher gains, but momentum suggests a pullback instead of an outright reversal.

EUR/USD Chart, 1-Hour

Spot rate: 1.1752
Relative change: Negligible
High: 1.1753
Low: 1.1739

Trend: Flat to bearish

Support 1: 1.1733 (Wednesday low; key barrier)
Support 2: 1.1641 (61.8% 1-Week Fibonacci level)
Support 3: 1.1518 (one month low; technical bottom)

Resistance 1: 1.1809 (Wednesday high; declining trendline touch)
Resistance 2: 1.1839 (one month high; technical top)
Resistance 3: 1.1869 (R3 1-Day pivot)

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