EUR/USD Price Analysis: EUR/USD dips below 1.13 in a tough session for the single currency

• EUR/USD trades 0.33% lower on Thursday as the dollar bounces back.
• There is a chart pattern that the price is currently testing.

EUR/USD 4-hour chart

EUR/USD has dipped on Thursday after performing well over the last couple of sessions. The market has been making higher highs and higher low waves recently and today's dip would need to take out 1.1260 to break that pattern. The risk sentiment for the session has taken the greenback higher again but the market will need to see if it can carry into the rest of the week.

Looking closer at the chart, the price has formed a flag type of formation. If there is a break lower it could mean there is a bigger retracement ahead. If that is the case the green resistance line at 1.1260 and the red line at 1.1168 could be important.

On the topside, If the price breaks back above the black line 1.1350 then there is a good probability the wave high on the chart could be tested again. 

The indicators are looking mixed again, the Relative Strength Index has dipped below the 50 area. The MACD histogram is red but more crucially the signal lines are above the mid-point.

Additional levels