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EUR/USD Retreats from 1.34 to the August Trendline Support

Breakout, throwback, speedline: Eur/USD broke above 1.3343 on 8/7 and almost tagged 1.34 on 8/8 before retreating during the 8/9 Friday session. The 4H chart shows a market that has come back to test a rising speedline that’s coming up from August’s low. A holding here keeps a bullish outlook intact, back toward 1.34, and the 1.3415 resistance pivot and June high. Above 1.3415, the next resistance is at the 1.35 handle up to a 1.3518 pivot.

Breakdown scenario: A break below the August speedline might neutralize the immediate bullish outlook, but the bullish outlook from July’s low of 1.2754 is intact at least until a break of the rising speedline coming up from near the 1.30 handle.

If the RSI reading dips to 40, and the stochastic near 20 while price is near the slower speedline, consider support for an attempt back toward 1.34, but with 1.3343 as a challenge again.