EUR/USD Price Analysis: Eyes bullish trendline after rejection above 1.19
- EUR/USD's daily chart shows bull failure at 1.19.
- Daily chart RSI shows bearish bias with lower highs.
EUR/USD looks south, having failed to chew through offers around the psychological level of 1.19 on Tuesday.
The bulls have failed twice in the past four trading days to establish a foothold above 1.19. Notably, on Tuesday, the currency pair faced rejection at 1.19 and closed in the red near 1.1846, forming an inverted hammer, a bearish pattern.
That, coupled with lower highs on the 14-day relative strength index, suggests scope for more profound losses in the common currency.
Key support is seen at 1.1816 – that level is currently housing the trendline rising from May 14 and July 10 lows. A break below that would expose the Sept. 9 low of 1.1753.
On the higher side, a close above 1.19 is needed to restore the bullish bias.
Daily chart
Trend: Bearish
Technical levels
Reprinted from FXStreet，the copyright all reserved by the original author.
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