EUR/USD Technical Analysis: 1.1402 is the level to beat for the bulls
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The EUR/USD fell close to 90 pips on Friday, neutralizing the bullish view put forward by the outside-day reversal. That bearish move has established Thursday's high of 1.1402 as the level to beat for the bulls, that is, the rally from the Nov. 28 low of 1.1267 is seen resuming above 1.1402.
Hourly chart
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- As seen above, the relative strength index (RSI) has breached the falling trendline. Therefore, the spot could soon find acceptance above the 200-hour exponential moving average (EMA) of 1.1354.
Daily chart
-636794043755908090.png)
- Over on the daily chart, the pair has established a higher low of 1.1267, validating the falling wedge breakout, witnessed on Nov. 16. The bullish setup would gain credence above 1.1402, in which case, the pair may test the inverse head-and-shoulders neckline of 1.1468.
- The bears, however, would gain strength if the pair violates the higher low pattern with a move below 1.1267 (Nov. 28 low).
Trend: Cautiously bullish
EUR/USD
Overview:
Today Last Price: 1.1352
Today Daily change: 30 pips
Today Daily change %: 0.265%
Today Daily Open: 1.1322
Trends:
Previous Daily SMA20: 1.136
Previous Daily SMA50: 1.1451
Previous Daily SMA100: 1.153
Previous Daily SMA200: 1.1765
Levels:
Previous Daily High: 1.1402
Previous Daily Low: 1.1305
Previous Weekly High: 1.1402
Previous Weekly Low: 1.1267
Previous Monthly High: 1.15
Previous Monthly Low: 1.1216
Previous Daily Fibonacci 38.2%: 1.1342
Previous Daily Fibonacci 61.8%: 1.1365
Previous Daily Pivot Point S1: 1.1284
Previous Daily Pivot Point S2: 1.1247
Previous Daily Pivot Point S3: 1.1188
Previous Daily Pivot Point R1: 1.138
Previous Daily Pivot Point R2: 1.1439
Previous Daily Pivot Point R3: 1.1477
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