FX_IDC:EURUSD   Euro / U.S. Dollar
Euro's multiple failed attempts to hold above 1.12 followed and a exhaustion near long standing resistance at 1.1236 (38.2% of 1.0463-1.1714) if followed by a break below two rising trend line support on the daily chart - 1.1150 and 1.10 -0 would signal the downtrend from the high of 1.1616 has resumed.

In such a case, support at 1.10 stands exposed.

However, bears need to watch out for a rebound from anywhere between 1.1140-1.1160 as that could translate into inverse head and shoulder formation as discussed here in the post titled "EUR/USD - Possible inverse head and shoulder".

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.