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EUR/USD – watch out for rejection at falling trend line resistan

FX:EURUSD   Euro/U.S. Dollar
Hourly Chart pattern – Falling trend line intact

Support – 1.1380, 1.1348, 1.13

Resistance – 1.1440, 1.1465, 1.15

Euro’s failure to take out 1.1440 (falling trend line resistance) followed by a break below 1.1419 could result in a drop to 1.1348 (rising trend line support). Bearish 50-SMA and 100-SMA on hourly chart also adds credence to the bullish view in case prices fail to take out or sustain above 1.1419.

On the higher side, an hourly close above 1.1440 is required to indicate intraday bearish invalidation. On a larger scheme of things, offered tone could run out of steam only above 1.1534 levels.

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