- EUR/USD faced rejection at the 100-hour MA in the overnight trade.
- The pair risks falling below rising trendline support in the next few hours.
- A trendline breakdown could be followed by a sell-off to recent lows below 1.0930.
EUR/USD is currently trading at 1.1005, representing 0.12% losses on the day, having faced rejection at the descending (bearish) 100-hour moving average (MA) in the overnight trade.
The pullback from the 100-hour MA, currently at 1.1020, could be extended further to levels below the hourly chart ascending trendline support at 1.0998, as the hourly relative strength index (RSI) has dived out of the ascending trendline and the MACD histogram is about to turn bearish.
An ascending trendline breakdown, if confirmed, would reinforce the bearish view put forward by the flag breakdown, as discussed on Tuesday, and could yield a deeper drop to 1.0926.
On the higher side, the 100-hour MA is the level to beat for the bulls.
Daily chart
-637049726273329702.png)
Trend: Bearish
Technical levels
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