EUR/USD technical analysis: Mildly bid, but bull reversal remains elusive

EUR/USD on Friday failed to confirm a bullish close above 1.1087.
Key trendline hurdle is the new level to beat for the bulls.

Omkar Godbole FXStreet Contributor

EUR/USD is currently trading at 1.1078, representing marginal gains on the day amid oil price spike.

The currency pair on Friday faced rejection at the resistance of the trendline connecting June 25 and Aug. 13 highs and closed below 1.1087 – the high of Thursday's bullish engulfing candle.

The pair, therefore, failed to confirm a bullish reversal. Also, now the descending trendline is the level to beat for the bulls.

As of writing, the falling trendline hurdle is seen at 1.1103. A daily close above that level would validate Thursday's bullish candle and open the doors to 1.1164 (Aug. 26 high) and 1.12.

On the downside, key support is 1.1055 (Friday's low), which if violated, would mark the continuation of the retreat from Friday's high of 1.1110.

Daily chart

Trend: Bullish above 1.1103

Technical levels

EUR/USD

Overview
Today last price	1.1078
Today Daily Change	0.0004
Today Daily Change %	0.04
Today daily open	1.1074

Trends
Daily SMA20	1.1054
Daily SMA50	1.1131
Daily SMA100	1.1184
Daily SMA200	1.1261

Levels
Previous Daily High	1.111
Previous Daily Low	1.1056
Previous Weekly High	1.111
Previous Weekly Low	1.0927
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1089
Daily Fibonacci 61.8%	1.1077
Daily Pivot Point S1	1.105
Daily Pivot Point S2	1.1027
Daily Pivot Point S3	1.0997
Daily Pivot Point R1	1.1104
Daily Pivot Point R2	1.1133
Daily Pivot Point R3	1.1157

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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