EUR/USD technical analysis: 61.8% Fib support breached

• EUR/USD has breached the key 61.8% Fib and rising trendline support. 
• The RSI is reporting bearish conditions. 
• EUR/USD risks falling below 1.12.

EUR/USD closed at 1.1214 on Monday, breaching the support at 1.1223 – the 61.8 percent Fibonacci retracement of the rally from 1.1107 to 1.1412. 

The pair has also found acceptance below the 50-day moving average of 1.1237. 

Further, the trendline trending north from May 30 and June 18 lows has been violated. 

With key supports breached and the 14-day relative strength index (RSI) reporting bearish conditions with a below-50 print, the path of least resistance appears to be on the downside. 

EUR/USD could drop to the support at 1.1181 (June 18 low). A break above Friday’s high of 1.1288 is needed to abort the bearish view. 

As of writing, the pair is trading at 1.1218. 

Daily chart

Trend: Bearish

Pivot points