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EUR/USD Price Analysis: Euro dives below 4-month ascending trendline

  • EUR/USD's downside break of a crucial rising trendline has exposed deeper support levels. 
  • The daily chart RSI is also aligned in favor of the bears. 

EUR/USD is flashing red at press time, having dived out of an ascending trendline rising from May 14 and July 10 lows. 

The violation of the four-month bullish trendline is backed by a below-50 or bearish reading on the 14-day relative strength index.,

As such, the pair looks set to test the 50-day simple moving average (SMA), currently at 1.1743. Acceptance below the major average would expose the horizontal support at 1.1696 (Aug. 3 low). 

The pair is currently trading ner 1.1776, representing a 0.30% decline on the day. A close above the Sept. 10 high of 1.1918 is needed to put the bulls back into the driver's seat. 

Daily chart

Trend: Bearish

Technical levels

 

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