Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
EUR/USD Technical Analysis: 4-Week Euro Uptrend Broken. Now What?

EUR/USD Technical Analysis: 4-Week Euro Uptrend Broken. Now What?

Ilya Spivak,
What's on this page


  • Euro recoils from resistance, breaks counter-trend support
  • Improved risk/reward needed for actionable short position
  • Invaliding bearish bias likely requires close above 1.1183

Get help building confidence in your EUR/USD strategy with our free trading guide!

The Euro recoiled from resistance at the top of a downward-sloping trend channel guiding it lower against the US Dollar since mid-2018, as suspected. If follow-through is to materialize, the late-September low at 1.0879 marks the next major inflection point. A close above the channel top is a prerequisite for invalidation.

Weekly EURUSD chart created in TradingView

Zooming in to the daily chart for a more actionable picture, positioning seems more bearish still. Prices have broken support guiding the upswing from the October 1 swing bottom, neutralizing what looks like a corrective upswing and setting the stage for the next leg in a structural decline.

Daily EURUSD chart created in TradingView

An actionable setup may require further progress however. The pair sits squarely atop the 1.1069-76 inflection zone, making a short trade appear unattractive form a risk/reward perspective even as the overall setup warns against taking up the long side.

On balance, investors might opt for the sidelines until a bit more clarity emerges. A breach below 1.1069 exposes the 1.0979-94 area next. Defusing imminent selling pressure probably requires a daily close above the October 18 high at 1.1183.


--- Written by Ilya Spivak, Currency Strategist for

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.