According to the view of @nehcap, the EURUSD currency pair is currently trading at a lower level of 1.07788 after breaking an important support line. It is now approaching a descending trend line support that has been in place for multiple days. Overall, the sentiment is bearish.

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• EUR/USD holds lower grounds after breaking key support line, approaches multi-day-old descending trend line support.

The pair currently trades last at 1.07788.

The previous day high was 1.0882 while the previous day low was 1.0772. The daily 38.2% Fib levels comes at 1.0814, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.084, expected to provide resistance.

EUR/USD remains on the back foot around 1.0780–75 after breaking the key support line stretched from March, now immediate resistance around 1.0780 during early Monday morning in Asia.

It’s worth noting that a downside break of an ascending trend line from mid-March joins the bearish MACD signals to keep the Euro sellers hopeful.

However, the US Labor Market Holiday joins the nearly oversold RSI (14) line to allow the EUR/USD to take a breather.

Even so, a daily closing beneath a descending support line from late June, close to 1.0750, becomes necessary for the Euro seller’s conviction. Apart from the stated support line, a speech from European Central Bank (ECB) President Christine Lagarde may also challenge the EUR/USD bears as the policymaker sounded hawkish in her latest speech.

In a case where the EUR/USD sellers keep the reins past 1.0750, the May 31 low of around 1.0635 will lure the bears.

On the flip side, a daily closing beyond the support-turned-resistance line stretched from mid-March, close to 1.0780 by the press time, becomes necessary for the intraday buyers.

Following that, the 1.0850 hurdle may gain the market’s attention ahead of a convergence of the 100-DMA and a five-week-old falling resistance line, close to 1.0920.

Also read: EUR/USD: US holiday to restrict Euro moves, further downside hinges on 1.0750 break and ECB’s Lagarde

Trend: Bearish

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0778 at the time of writing. Pair opened at 1.0776 and is trading with a change of 0.02% % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0888, 50 SMA 1.0968, 100 SMA @ 1.0922 and 200 SMA @ 1.0816.

The previous day high was 1.0882 while the previous day low was 1.0772. The daily 38.2% Fib levels comes at 1.0814, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.084, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0738, 1.07, 1.0629
• Pivot resistance is noted at 1.0848, 1.092, 1.0958

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