EUR/USD Technical Analysis: Set-up turns in favor of bearish traders, sustained break below 1.1300 mark awaited

Haresh Menghani FXStreet

• The pair snapped four consecutive days of winning streak and started retreating from the top end of an ascending trend-channel formation on the 1-hourly chart.

• Bears momentarily dragged the pair below an important confluence region near the 1.1300 handle - comprising of the trend-channel support and 50-hour EMA.

• Oscillators on the daily chart maintained their bearish bias and have been losing momentum on the 1-hourly chart, adding credence to the near-term bearish set-up.

• Hence, the emergence of technical selling has the potential to accelerate the intraday bearish trajectory towards 1.1280 intermediate support en-route the 1.1250-40 region.

EUR/USD 1-hourly chart

EUR/USD

Overview:
    Today Last Price: 1.1301
    Today Daily change: -27 pips
    Today Daily change %: -0.24%
    Today Daily Open: 1.1328
Trends:
    Daily SMA20: 1.1318
    Daily SMA50: 1.1369
    Daily SMA100: 1.137
    Daily SMA200: 1.1492
Levels:
    Previous Daily High: 1.134
    Previous Daily Low: 1.1278
    Previous Weekly High: 1.1388
    Previous Weekly Low: 1.1176
    Previous Monthly High: 1.1489
    Previous Monthly Low: 1.1234
    Daily Fibonacci 38.2%: 1.1316
    Daily Fibonacci 61.8%: 1.1301
    Daily Pivot Point S1: 1.129
    Daily Pivot Point S2: 1.1253
    Daily Pivot Point S3: 1.1228
    Daily Pivot Point R1: 1.1352
    Daily Pivot Point R2: 1.1377
    Daily Pivot Point R3: 1.1414

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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