EUR/USD broke out of the trendline from March 20 and April 17 highs on May 10. The buyers, however, have failed to capitalize on the upside break of the falling trendline with sellers successfully carving out an inverted hammer or shooting star on Monday.
Further, the sellers have been successful in pushing the spot below Monday's low of 1.1222. So, what we have is another bearish lower high on the daily chart. If it slides further below 1.1173, then fresh multi-month lows below 1.11 could be seen.
On the higher side, a break above 1.1263 is needed to revive the short-term bullish view.
Further, the sellers have been successful in pushing the spot below Monday's low of 1.1222. So, what we have is another bearish lower high on the daily chart. If it slides further below 1.1173, then fresh multi-month lows below 1.11 could be seen.
On the higher side, a break above 1.1263 is needed to revive the short-term bullish view.