EUR/USD price slips below $1.149 as bullish momentum fades near key resistance
EUR/USD breaks short-term trendline as traders assess support near 1.1490
EUR/USD is trading lower after failing to hold gains above the 1.16 psychological barrier, with price action slipping below the 1.1490 zone in the early hours of June 13. The pair’s retreat comes after a strong breakout above a long-standing descending channel, but rejection near the 1.1610–1.1620 resistance range has triggered short-term weakness and a test of nearby support levels.
Key highlights
- EUR/USD drops toward 1.1490 after rejection from 1.1610–1.1620 resistance
- Short-term indicators flash bearish divergence; RSI dips to 31.45 on 30-minute chart
- Daily structure remains bullish if price holds above 1.1450–1.1490 trendline and EMA confluence
The 4-hour and 30-minute charts reveal a breakdown from a minor ascending trendline, while price has also dipped below the 20 EMA. The RSI on the 30-minute timeframe dropped into oversold territory at 31.45, underscoring near-term bearish pressure. Simultaneously, MACD shows a clear bearish crossover, and Bollinger Bands have begun to contract, reflecting a cooling of the recent uptrend.
EUR/USD price dynamics (Source: TradngView)
Despite the short-term weakness, the broader trend remains constructive. The daily chart still shows EUR/USD holding above an ascending trendline from April, and this structure remains intact as long as the pair stays above the 1.1450–1.1490 support region. This zone is further reinforced by a cluster of EMAs and prior price action, making it a critical pivot area in the sessions ahead.
Medium-term support may define the next directional move
Looking at the quarterly Fibonacci chart, EUR/USD trades near the 0.618 retracement level from its long-term range, with the 0.5 level at 1.2135 still far above. This suggests that the current recovery may be part of a larger corrective cycle rather than a full bullish reversal. A bounce from 1.1490 could set the stage for a return toward 1.16 and 1.1680. Conversely, failure to hold this support zone may expose deeper levels near 1.1360 and even 1.13.
In prior coverage, we highlighted EUR/USD’s breakout above the descending channel and the importance of reclaiming the 1.16 handle for bullish continuation. That move played out briefly, but the recent rejection confirms that price remains range-bound within a broader corrective structure. The next move hinges on whether the 1.1450–1.1490 region can act as a stable base for renewed upward momentum.
