EUR/USD Price Analysis: Eyes bullish trendline after rejection above 1.19

• EUR/USD's daily chart shows bull failure at 1.19. 
• Daily chart RSI shows bearish bias with lower highs. 

EUR/USD looks south, having failed to chew through offers around the psychological level of 1.19 on Tuesday. 

The bulls have failed twice in the past four trading days to establish a foothold above 1.19.  Notably, on Tuesday, the currency pair faced rejection at 1.19 and closed in the red near 1.1846, forming an inverted hammer, a bearish pattern. 

That, coupled with lower highs on the 14-day relative strength index, suggests scope for more profound losses in the common currency. 

Key support is seen at 1.1816 – that level is currently housing the trendline rising from May 14 and July 10 lows. A break below that would expose the Sept. 9 low of 1.1753. 

On the higher side, a close above 1.19 is needed to restore the bullish bias. 

Daily chart

Trend: Bearish

Technical levels