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.

Joshua Gibson FXStreet

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)

Author

Joshua Gibson

FXStreet

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

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