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EUR/USD Technical Evaluation: 1-Month Uptrend Damaged. Now What?

EUR/USD TECHNICAL ANALYSIS: BEARISH

Euro breaks near-term assist, hints at downtrend resumptionLasting draw back follow-through seemingly wants extra affirmationVital vary resistance positioned just under the 1.12 determine

The Euro prolonged downward as anticipated, piercing assist defining the upswing from late-November lows and pushing costs down to check the 1.1069-1.1104 congestion space. A every day shut below its decrease boundary units the stage to problem the 1.0968-90 area.

Euro vs US Dollar price chart - daily

Day by day EUR/USD chart created with TradingView

Zooming into the four-hour chart reveals near-term resistance marked by a downward-sloping pattern line connecting latest swing tops, now at 1.1148. Recovering a foothold above that might set the stage to problem vary prime resistance just under the 1.12 determine that has capped the upside since mid-October.

Euro vs US Dollar price chart - 4 hour

Four-hour EUR/USD chart created with TradingView

Tactically talking, positioning squarely atop assist would possibly make the present setup unattractive from a threat/reward perspective to would-be sellers. A month-long uptrend might have been violated, however that needn’t precede a selloff. A interval of consolidation might but precede one other foray upward.

EUR/USD TRADING RESOURCES

— Written by Ilya Spivak, Forex Strategist for DailyFX.com

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


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