EUR/USD Price Analysis: Eases above 1.2100, short-term rising wedge teases bears

EUR/USD keeps pullback from two-month high inside a bearish chart pattern.
Downbeat MACD keeps sellers hopeful but 200-HMA tests the bear’s entry.

Anil Panchal FXStreet

EUR/USD struggles for clear direction while taking rounds to 1.2120-25 during Friday’s Asian session. The currency major pair rallied to the highest since late February the previous day before closing the daily books with a loss.

Not only the failures to refresh the multi-day top but bearish MACD and rising wedge chart formation on the hourly play also back the EUR/USD seller’s entry.

It should, however, be noted that the 1.2090 and the 200-HMA level of 1.2067 offer extra barriers, in addition to the rising wedge’s support near 1.2080, for the EUR/USD bears’ welcome.

On the contrary, 1.2125 and the stated pattern’s upper line close to 1.2155 guards the pair’s short-term upside ahead of the late January’s top near 1.2190.

In a case where the EUR/USD bulls keep reins past-1.2190, the 1.2200 round figure and February’s high of 1.2243 will be in the spotlight.

EUR/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2122
Today Daily Change	-5 pips
Today Daily Change %	-0.04%
Today daily open	1.2127

Trends
Daily SMA20	1.1961
Daily SMA50	1.1957
Daily SMA100	1.2056
Daily SMA200	1.1938

Levels
Previous Daily High	1.2135
Previous Daily Low	1.2056
Previous Weekly High	1.21
Previous Weekly Low	1.1943
Previous Monthly High	1.2113
Previous Monthly Low	1.1704
Daily Fibonacci 38.2%	1.2105
Daily Fibonacci 61.8%	1.2086
Daily Pivot Point S1	1.2077
Daily Pivot Point S2	1.2028
Daily Pivot Point S3	1.1999
Daily Pivot Point R1	1.2156
Daily Pivot Point R2	1.2185
Daily Pivot Point R3	1.2234

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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