EUR/USD Technical Analysis: Resting above 50-day MA support

A widely-followed MA is offering support to EUR/USD.
The bearish setup remains valid with the double top pattern calling a move below 1.10.

Omkar Godbole FXStreet Contributor

EUR/USD is currently holding above the 50-day average support at 1.1039 with the daily chart reporting a bearish bias.

Notably, the double top breakdown confirmed on Wednesday indicates the common currency could roll over to deeper support levels below 1.10.

The 14-day relative strength index is also reporting bearish conditions with a below-50 print.

The lower highs setup on the hourly chart also indicates the path of least resistance is to the downside. A break above 1.1092 is needed to invalidate the lower highs pattern.

EUR/USD is trading at 1.1050 at press time.

Daily chart

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.105
Today Daily Change	-0.0019
Today Daily Change %	-0.17
Today daily open	1.1069

Trends
Daily SMA20	1.1101
Daily SMA50	1.104
Daily SMA100	1.1121
Daily SMA200	1.1193

Levels
Previous Daily High	1.1094
Previous Daily Low	1.1064
Previous Weekly High	1.1176
Previous Weekly Low	1.1074
Previous Monthly High	1.118
Previous Monthly Low	1.0879
Daily Fibonacci 38.2%	1.1076
Daily Fibonacci 61.8%	1.1082
Daily Pivot Point S1	1.1058
Daily Pivot Point S2	1.1047
Daily Pivot Point S3	1.1029
Daily Pivot Point R1	1.1087
Daily Pivot Point R2	1.1105
Daily Pivot Point R3	1.1116

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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