EUR/USD Technical Analysis: Up-move capped at descending triangle resistance

Haresh Menghani FXStreet

• A modest USD rebound caps the ongoing positive momentum near a descending trend-line resistance, extending from May 15 tops through highs posted on June 14 and July 9.

• The said trend-line also constitutes towards a descending triangular formation on the daily chart and hence, should continue to act as a key hurdle amid neutral short-term technical indicators.

• It would now be interesting to see if the pair is able to make it through the mentioned barrier or remains within a familiar trading range ahead of Thursday's key ECB monetary policy decision.

EUR/USD daily chart

Spot rate: 1.1712
Daily High: 1.1751
Daily Low: 1.1687
Trend: Neutral

Resistance
R1: 1.1751 (current day swing high)
R2: 1.1791 (monthly high set on July 9)
R3: 1.1809 (R2 daily pivot-point)

Support
S1: 1.1665 (100-period SMA H1)
S2: 1.1635 (horizontal zone)
S3: 1.1600 (round figure mark)

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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