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20 Jul 2021

EUR/USD Price Analysis: Prints falling wedge around key support line near 1.1800

  • EUR/USD remains pressured at three month low, after three-day downtrend.
  • Bullish chart pattern around important support line keeps buyers hopeful.
  • Momentum indicator tames bullish hopes, 200-DMA adds to the upside barrier.

EUR/USD stays depressed around 1.1800, near the lowest since early April, amid the initial Asian session trading on Tuesday. In doing so, the currency major pair portrays a bullish chart pattern, falling wedge, after a three-day fall while also challenging a crucial support line stretched from November.

Given the downbeat Momentum line, the bulls are less likely to find a way and hence further weakness becomes well expected.

However, a daily closing below the stated support line, around 1.1765 will be probed by the lower line of the wedge, near 1.1730, before a likely free fall to the yearly low surrounding the 1.1700 threshold.

In a case where the EUR/USD bears keep the reins past 1.1700, the November 2020 lows near 1.1600 will be in the spotlight.

On the contrary, a surprise up-move, or consolidation, needs to cross the wedge’s upper line at 1.1835 to renew bullish hopes targeting the 200-DMA level of 1.2008.

If at all the EUR/USD up-moves remain intact beyond 1.2008, lows marked in May and early June around 1.2050 and 1.2100 should return to the chart.

EUR/USD: Daily chart

Trend: Bearish

 

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