EUR/USD Technical Analysis: 1.1780 is the level to beat for the bulls
|- The EUR/USD has charted a big diamond pattern on the hourly chart. A move above 1.1780 (diamond hurdle) would signal a continuation of the rally from the Sept. 10 low of 1.1526 and allow a re-test of the recent high of 1.1815.
- Further gains are ruled out for now as the Fed is expected to sound hawkish.
- The downside break of the diamond pattern would signal a bullish-to-bearish trend change.
Hourly Chart
Spot Rate: 1.1766
Daily High: 1.1769
Daily Low: 1.1756
Trend: Bullish above 1.1780
R1: 1.1780 (diamond hurdle)
R2: 1.1815 (Sept. 24 high)
R3: 1.1852 (June 14 high)
Support
S1: 1.1753 (100-hour moving average)
S2: 1.1724 (Sept. 24 low)
S3: 1.17 (psychological level)
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