- EUR/USD had a failed bearish breakout below the 1.1098 level.
- Resistance is seen at the 1.1121 level and the correction can extend to 1.1151 resistance.
EUR/USD daily chart
EUR/USD is trading in a weak bear trend below its 200-day simple moving average (SMA). However, EUR/USD is trading within a bullish channel originating from October 2019 and also within a bull flag since late December. The euro formed a head-and-shoulders pattern, therefore, a break above the right shoulder near 1.1175 and the 200 SMA can be seen as a bullish continuation signal. However, since the price action has been so two-sided in the last months of trading it is more likely that breakouts in either direction will not go very far.
EUR/USD four-hour chart
Resistance: 1.1121, 1.1155, 1.1190
Support: 1.1098, 1.1070, 1.1030
Additional key levels