EUR/USD technical analysis: Monthly ascending trendline breached


  • EUR/USD has breached trendline rising from the Oct. 1 low. 
  • The breakdown is backed by the bearish cross of key moving averages. 

EUR/USD is looking south, having breached key diagonal and horizontal support levels on Friday.

The pair closed at 1.1079 on Friday, confirming a downside break of the ascending trendline connecting Oct. 1 and Oct. 15 lows. The pair has also violated support at 1.1110 (Sept. 13 low).

The breakdown of the crucial support level is backed by a bearish crossover of the 5- and 10-day moving averages and lower highs on the MACD histogram – a sign of weakening of bullish momentum.

The spot, therefore, looks set to test 1.1065 (38.2% Fib R of 1.0879/1.1179). As of writing, the pair is trading at 1.1079.

The bearish case would be invalidated if the spot finds acceptance above the former support-turned-resistance of 1.1110.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price 1.1084
Today Daily Change 0.0004
Today Daily Change % 0.04
Today daily open 1.108
 
Trends
Daily SMA20 1.1036
Daily SMA50 1.1036
Daily SMA100 1.1132
Daily SMA200 1.1204
 
Levels
Previous Daily High 1.1124
Previous Daily Low 1.1072
Previous Weekly High 1.1063
Previous Weekly Low 1.0941
Previous Monthly High 1.111
Previous Monthly Low 1.0885
Daily Fibonacci 38.2% 1.1092
Daily Fibonacci 61.8% 1.1105
Daily Pivot Point S1 1.106
Daily Pivot Point S2 1.104
Daily Pivot Point S3 1.1008
Daily Pivot Point R1 1.1112
Daily Pivot Point R2 1.1144
Daily Pivot Point R3 1.1164

 

 

 

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