- EUR/USD turns lower from 1.0950 for the second straight trading day.
- Trendline breakout fails to draw bids for the single currency.
EUR/USD’s struggle for upside traction continues on Monday with buyers failing to take out key hurdle for the second consecutive trading day.
The common currency is currently trading at 1.0933, having faced rejection near 1.950 during the early Asian trading hours. That level also capped upside on Friday.
The repeated failure at 1.0950 has neutralized the immediate bullish outlook put forward by the upside break of the trendline connecting March 3 and March 27 highs. The 14-day relative strength index, too, is sidelined at 50, indicating a neutral bias.
If the psychological support of 1.09 is breached, the single currency could roll over toward the confluence of the 50- and 100-hour averages at 1.0882.
Alternatively, a convincing move above 1.0950 would revive the bullish view and open the doors to the psychological hurdle at 1.10.