EUR/USD - Bearish break on hourly, eyes trend line supp on daily

FX_IDC:EURUSD   Euro / U.S. Dollar
Support - 1.1319, 1.1283, 1.1236

Resistance - 1.1355- 1.1376, 1.14
(note - 1.1355 is flag resistance on hourly and would shift higher as time progresses)

  • Euro's bearish break from flag pattern (on hourly chart) has poured cold water over possible extension of last Friday's bullish move.
  • The spot appears on track to test trend line support on daily chart (blue line) seen at 1.1319. A day end closing below 1.1319 would signal bullish invalidation and open doors for a drop to 1.1236 levels.
  • On the higher side, we need a clear break above 1.1415 now to signal continuation of last Friday's upmove.
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