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EUR/USD Technical Analysis: 1-Month Uptrend Broken. Now What?

EUR/USD Technical Analysis: 1-Month Uptrend Broken. Now What?

2019-12-20 02:00:00
Ilya Spivak, Head Strategist, APAC
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EUR/USD TECHNICAL ANALYSIS: BEARISH

  • Euro breaks near-term support, hints at downtrend resumption
  • Lasting downside follow-through likely needs more confirmation
  • Critical range resistance positioned just below the 1.12 figure

The Euro extended downward as expected, piercing support defining the upswing from late-November lows and pushing prices down to test the 1.1069-1.1104 congestion area. A daily close under its lower boundary sets the stage to challenge the 1.0968-90 region.

Euro vs US Dollar price chart - daily

Daily EUR/USD chart created with TradingView

Zooming into the four-hour chart reveals near-term resistance marked by a downward-sloping trend line connecting recent swing tops, now at 1.1148. Recovering a foothold above that would set the stage to challenge range top resistance just below the 1.12 figure that has capped the upside since mid-October.

Euro vs US Dollar price chart - 4 hour

4-hour EUR/USD chart created with TradingView

Tactically speaking, positioning squarely atop support might make the current setup unattractive from a risk/reward perspective to would-be sellers. A month-long uptrend may have been violated, but that need not precede a selloff. A period of consolidation may yet precede another foray upward.

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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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