EUR/USD Price Analysis: 1.18 is the level to defend for the bulls

• EUR/USD's daily chart shows seller exhaustion below 1.18. 
• The immediate hurdle is seen at 1.1865 followed by 1.20.

EUR/USD is trading in a sidelined manner near 1.1837 during Monday's Asian hours. 

The pair created a long-tailed candle for the second straight day on Friday, marking bear failure below the psychological support of 1.18 and signaling scope for a reversal higher. 

However, a move above Friday's high of 1.1865 is needed to confirm an end of a pullback from the recent high of 1.2011 and put the bulls back into the driver's seat. Alternatively, a break under trendline rising from May 14 and July 1 highs would imply a bullish-to-bearish trend change. At press time, the trendline support is located at 1.1765. 

Daily chart

Trend: Bearish

Technical levels