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EURUSD Chart Analysis: Euro May Turn Lower From 3-Month High

EURUSD Chart Analysis: Euro May Turn Lower From 3-Month High

Ilya Spivak, Head Strategist, APAC

EURUSD CHART ANALYSIS: NEUTRAL

  • Euro moves to 3-month high, menacing resistance above 1.14 figure
  • RSI divergence, bearish candlestick pattern warns of downturn ahead
  • Confirmation sought before an actionable trade setup is identified

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The Euro is attempting to make good on completing a bullish Falling Wedge chart formation, reversing higher form a deep corrective setback to reach a three-month high against the US Dollar. Breaking resistance marked by the June 7 swing top at 1.1348 has exposed the March 20 high at 1.1448. The seemingly more potent 1.1543-54 price inflection zone follows thereafter.

Euro vs US Dollar price chart - daily

The case for lasting upside follow-through looks suspect however, at least for now. Negative RSI divergence warns of ebbing upside momentum even as the pair gains ground. A look at more immediate positioning on the four-hour chart also warns against bullish exuberance. It reveals a Bearish Engulfing candlestick pattern that might prove to be indicative of a top.

EURUSD Chart Analysis: Euro May Turn Lower From 3-Month High

This too ought to be taken with a grain of salt. The immediate uptrend defined by a series of higher highs and lows set from mid-month remains intact, so any pullback from here might be no more than a correction before further gains. On balance, opting for the sidelines seems to be most prudent until signs bearish warning signs are neutralized or downtrend resumption is reasonably confirmed.

EURUSD TRADING RESOURCES

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

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

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

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