EUR/USD Price Analysis: Picks up bids inside two-week-old triangle around mid-1.1800s
|- EUR/USD refreshes intraday high, stays inside short-term symmetrical triangle.
- Sustained trading above 200-bar SMA, normal RSI conditions favor bulls.
- November 04 high adds a filter to the downside, monthly high will offer additional resistance.
EUR/USD rises to 1.1860 during Monday’s Asian session. The major currency pair trades inside a symmetrical triangle since November 09 while keeping upside momentum beyond 200-bar SMA off-late.
With the RSI conditions not being oversold or overbought, the continuation of the latest recovery moves can be expected.
As a result, EUR/USD buyers currently eye the upper line of the stated triangle, at 1.1881 now, while targeting to refresh the monthly peak surrounding 1.1920.
It should, however, be noted that a clear break above 1.1920 will be enough for the bulls to challenge the yearly high marked in September around 1.2010.
Meanwhile, the pattern’s support line, at 1.1835 now, precedes a 200-bar SMA level of 1.1789 to probe the short-term downside. Also acting as a support is the November 04 high of 1.1770.
EUR/USD four-hour chart
Trend: Further recovery expected
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