EUR/USD Price Analysis: Struggles to extend Thursday’s bounce, charts lean bearish
- EUR/USD trades near 1.1870, having defended 1.18 on Thursday.
- Daily chart continues to show a bearish divergence of RSI.
EUR/USD is struggling to extend Thursday’s bounce from 1.18 to 1.1868 amid bearish developments on short duration technical charts.
To start with, the hourly chart shows a bearish crossover of 50- and 200-candle simple moving averages. Meanwhile, on the daily chart, the 14-day relative strength index has diverged in favor of the bears, discussed on Thursday. As such, the bulls may have a tough time forcing a breakout above 1.19.
The bias will remain bearish as long as the falling trendline representing the bearish divergence of the daily chart RSI is held intact. On the downside, support is seen at 1.18 and 1.1711 (Aug. 12 low).
Daily chart
Trend: Bearish
Technical levels
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