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EUR/USD Technical Analysis: Euro Down Trend Ready to Resume?

EUR/USD Technical Analysis: Euro Down Trend Ready to Resume?

2019-08-16 06:30:00
Ilya Spivak, Sr. Currency Strategist
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EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro rejected at resistance near 1.12, familiar support in play
  • Daily close below 1.11 may set stage to retest August bottom
  • Near-term chart setup warns weakness may yet be corrective

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Euro sellers prevailed on a retest of neckline support-turned-resistance near the 1.12 against the US Dollar, with prices turning sharply lower after a brief consolidative pause. An inflection zone just above the 1.11 figure is back in play as support, with daily close below that targeting the August low at 1.1027.

Euro vs US Dollar price chart - daily

Daily EUR/USD chart created in TradingView

Zooming in to the four-hour chart, the break past this threshold seems to have occurred already. Betting on imminent downside follow-through might be premature however as EUR/USD retests downward-sloping resistance-turned-support guiding the downswing from late June.

While prices are above this barrier, recent weakness may yet prove to be corrective within a broader upshift from August’s low. That might tilt sellers’ risk/reward calculus away from piling into positions absent a fresh external trigger. It remains to be seen if bellicose comments from Donald Trump are just that.

Euro vs US Dollar price chart - 4 hour

4-hour EUR/USD chart created in TradingView

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--- 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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