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EUR/USD Technical Analysis: Trend-Defining Support Under Fire

EUR/USD Technical Analysis: Trend-Defining Support Under Fire

2019-01-23 01:00:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD Technical Strategy: BEARISH

  • Euro pressuring support guiding two-month upswing vs US Dollar
  • Confirmed breakdown may signal long-term down trend resumption
  • Conviction may be lacking before ECB monetary policy decision

Build confidence in your Euro trading strategy with our free guide!

The Euro is probing support guiding the choppy upswing against the US Dollar since mid-November. The currency pair recoiled form trend line resistance set from January 2018 earlier this month following the formation of a bearish Evening Star candlestick pattern.

A daily close below trend line support – now at 1.1335 – may confirm the nominally ongoing two-month rise as corrective in the context of a longer-term decline. The next downside hurdle is at 1.1216, the November 12 low. Alternatively, a bounce above resistance at 1.1481 targets the 1.1543-54 area at first.

Euro vs US Dollar chart - daily

Tactically speaking, traders may be reluctant to commit at this point. Sellers might be put off by risk/reward considerations as prices sit at support while buyers hold out for confirmation by way of a discrete bullish reversal signal. The incoming ECB monetary policy announcement may force the issue however.

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--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the comments section below or @IlyaSpivakon Twitter

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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