EUR/USD Technical Analysis: Flirting with bearish flag pattern support, just below mid-1.1200s

Haresh Menghani FXStreet

• The pair continued with its struggle to make it through the 1.1250-60 supply zone and has now dropped to the lower end of a short-term ascending trend-channel formation on the 1-hourly chart.

• Given the recent slide from the 1.1325-30 hurdle, the mentioned channel constituted towards the formation of a bearish continuation flag chart pattern and points to further near-term downside.

• Technical indicators on hourly/daily charts remained in the negative territory and add credence to the bearish set-up, though traders are likely to wait for a confirmation before placing aggressive bets.

• Below the pattern support, the pair is likely to accelerate the slide towards the 1.1200 handle en-route YTD lows, around the 1.1185-75 region before eventually dropping to test the 1.1100 mark.

EUR/USD 1-hourly chart

EUR/USD

Overview
Today last price	1.1245
Today Daily Change	-0.0012
Today Daily Change %	-0.11
Today daily open	1.1257

Trends
Daily SMA20	1.125
Daily SMA50	1.1294
Daily SMA100	1.1346
Daily SMA200	1.1436

Levels
Previous Daily High	1.1264
Previous Daily Low	1.1236
Previous Weekly High	1.1324
Previous Weekly Low	1.1224
Previous Monthly High	1.1448
Previous Monthly Low	1.1176
Daily Fibonacci 38.2%	1.1253
Daily Fibonacci 61.8%	1.1247
Daily Pivot Point S1	1.124
Daily Pivot Point S2	1.1223
Daily Pivot Point S3	1.1211
Daily Pivot Point R1	1.1269
Daily Pivot Point R2	1.1281
Daily Pivot Point R3	1.1298

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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