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EUR/USD European session outlook

FX:EURUSD   Euro Fx/U.S. Dollar
Resistance – 1.1342, 1.1296, 1.1236

Support – 1.1358, 1.14, 1.1428

4-hr chart/daily chart pattern – Rising trend line breached

  • Pair’s bearish break from rising trend line on 4-hr/daily chart followed by an hourly closing below 1.1342 (Mar 17 high) would open doors for a drop to daily 50-SMA of 1.1296. Given the bearish break from rising trend line , a move towards 1.14 appears more likely.
  • On the other hand, a rebound from 1.1342 could translate into re-test of rising trend line hurdle at 1.14
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