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EURUSD Technical Analysis: Euro Sellers Challenge Trend Support

EURUSD Technical Analysis: Euro Sellers Challenge Trend Support

Ilya Spivak, Head Strategist, APAC

EURUSD TECHNICAL ANALYSIS: NEUTRAL

  • Euro rally fizzles above 1.14 figure, prices drop back to trend support
  • Dominant near-term uptrend from May bottom remains intact for now
  • Bearish conviction probably needs a break of support near 1.11 mark

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The Euro struggling to build lasting upside momentum against the US Dollar after completing a bullish Falling Wedge chart formation. The rally fizzled after prices put in a Bearish Engulfing candlestick pattern on the four-hour chart as expected, tumbling back to support guiding the rise from lows set in late May.

Euro vs US Dollar chart - 4 hour

Still, an unbroken series of higher highs and lows on the daily chart suggests the dominant near-term bias continues to favor gains. With that in mind, a daily close back above immediate resistance at 1.1348 opens the door for a test of yet another test of June’s swing top at 1.1412.

A pivot in sellers’ favor would require a conclusive break of rising trend support, now at 1.1246. That would pave the way for a challenge of Wedge top support-turned-resistance, but a true inspiration for follow-through will probably require taking out the support shelf in the 1.1107-16 area.

Euro vs US Dollar chart - daily

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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