EUR/USD technical analysis: Under pressure after rejection at 100-hour MA

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.

Omkar Godbole FXStreet Contributor

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

Trend: Bearish

Technical levels

EUR/USD

Overview
Today last price	1.1005
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	1.1014

Trends
Daily SMA20	1.1029
Daily SMA50	1.1101
Daily SMA100	1.1173
Daily SMA200	1.125

Levels
Previous Daily High	1.1024
Previous Daily Low	1.0984
Previous Weekly High	1.1084
Previous Weekly Low	1.099
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.1009
Daily Fibonacci 61.8%	1.0999
Daily Pivot Point S1	1.099
Daily Pivot Point S2	1.0967
Daily Pivot Point S3	1.095
Daily Pivot Point R1	1.1031
Daily Pivot Point R2	1.1048
Daily Pivot Point R3	1.1071

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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