{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/eurusd-fails-to-hold-above-1-18400-price-slumps\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/eurusd-fails-to-hold-above-1-18400-price-slumps\/","headline":"EURUSD Fails To Hold Above 1.18400; Price Slumps","name":"EURUSD Fails To Hold Above 1.18400; Price Slumps","description":"Market Analysis \u2013 Price Slumps as EURUSD Fails To Hold Above 1.18400 Support Level EURUSD fails to capitalize on its breakout from a descending wedge and price has now dropped back to the upper border of the wedge. The wedge was formed after EURUSD was rejected at 1.21460. Price dropped 2.50% in 3 days to […]","datePublished":"2021-08-10","dateModified":"2021-08-10","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/08\/EURUSD-1-Day-1.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/08\/EURUSD-1-Day-1.png","height":560,"width":1274},"url":"https:\/\/forexschoolonline.com\/eurusd-fails-to-hold-above-1-18400-price-slumps\/","about":["Article","Article-com","charts","EUR\/USD","Featured Articles","FX Technical Analysis","Price Action Charts in Focus","Support & Resistance","Trade Idea","Trade Setups"],"wordCount":381,"keywords":["Daily Chart","EURUSD","Market Anticipation","Price Action","Technical Analysis"],"articleBody":"Market Analysis \u2013 Price Slumps as EURUSD Fails To Hold Above 1.18400 Support LevelEURUSD fails to capitalize on its breakout from a descending wedge and price has now dropped back to the upper border of the wedge. The wedge was formed after EURUSD was rejected at 1.21460. Price dropped 2.50% in 3 days to 1.18400. Since then, the euro has been forging into a falling wedge. EURUSD tapered down the wedge for 28 trading days, before it pushed up out of the formation.EURUSD Key LevelsResistance Levels: 1.19100, 1.18400, 1.17560Support Levels: 1.17100, 1.16550, 1.16200The breakout lifted price above the 1.18400 key level, where the euro was expected to push up further. It, however, found resistance at 1.19100. This was supposed to be a temporal stop, but the weakness of EURUSD extended to 5 days. Price fails to hold this level and it eventually slumped in one day back to 1.17560 support. Today\u2019s daily candle has fallen below the support and the upper border of the wedge, but with a rather miniature candle.Price is currently trading around 1.17390 on a bearish candle. The RSI (Relative Strength Index) indicator shows that the point at which the market failed to hold was where it would have been propelled into the buying region, but failure to hold means EURUSD has fallen back into bears’ territory. On the Stochastic Oscillator, the euro has dipped from the entrance of the oversold region to the entrance of the overbought region. Bulls\u2019 failure could lead to a bigger drop in price.Market ProspectsOn the 4-hour chart, EURUSD has already fallen into the wedge formation but has jumped out immediately. The market is now sliding down the upper border of the wedge with 1.17560 failing to keep the price up. Both the Stochastic Oscillator and the RSI present price in the oversold region. The euro has now reached the tip of the falling wedge, which will present bears with a clear view of attacking the 1.17100 to go lower.The fall in the market price could yet be a retest at the upper border before the market shoots up, but it is looking likely that the euro will drop below 1.17100 to 1.16550.Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results."}