EUR/USD Technical Evaluation: Euro Flirting with Help Break


Euro rejected on a take a look at of two-month vary resistance vs US GreenbackCapturing Star candlestick hints at topping as bullish conviction ebbsAffirmation of reversal wanted to make bearish setup actionable


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The Euro recoiled from resistance on the prime of its current vary in opposition to the US Greenback, proving prescient the warning provided by damaging RSI divergence about sturdiness of a surge to four-month highs final week. The looks of a dramatic-looking Capturing Star candlestick at resistance now bolsters the case for draining bullish conviction. Which will precede a downturn.

Euro vs US Dollar price chart - daily

Every day EUR/USD chart created with TradingView

Zooming into the four-hour chart for a way of near-term positioning, EUR/USD appears to be sitting squarely at assist within the 1.1110-16 space, marked by a former resistance barrier in addition to the pattern line guiding costs’ newest upswing. Breaking beneath that appears to reveal the 1.1051-65 congestion area, adopted by the vary backside within the 1.0968-90 zone.

Euro vs US Dollar price chart - 4 hour

Four-hour EUR/USD chart created with TradingView

On steadiness, because of this – capitulation on the vary prime however – the bounds of the upswing from late-November lows stay intact for now. Moreover, proximity to quick assist appears to make initiating brief publicity unattractive kind a danger/reward perspective. Would-be sellers could choose to attend for a confirmed break of upward-sloping assist earlier than contemplating the setup actionable.


— Written by Ilya Spivak, Foreign money Strategist for

To contact Ilya, use the feedback part beneath or @IlyaSpivak on Twitter

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