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Inverted hammer has exposed trendline support

  • Tuesday’s inverted bearish hammer bolstered bearish setup. 
  • EUR/USD risks falling to a three-month rising trendline. 

EUR/USD risks falling to support of the trendline rising from Oct. 1 and Nov. 29 lows.

The pair carved out an inverted bearish hammer on Tuesday, as it faced rejection at 1.1118 and ended on a negative note. 

That candle has reinforced the bearish view put forward by the lower highs setup created over the last two weeks. Also, the pair closed below 1.1085 (Jan. 10 low) on Tuesday, establishing a lower low. 

The pair, therefore, looks set to test the rising trendline support at 1.1067. A violation there would expose 1.1040 (Dec. 6 low). 

On the higher side, a close above the Jan. 16 high of 1.1173 is needed to invalidate the lower highs set up and confirm a bullish reversal. 

Daily chart

Trend: Bearish

Technical levels

 

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