EUR/USD Technical Analysis: Breaking out of a falling wedge as US midterm election results start flowing in
|- The EUR/USD pair is currently trading at a session high of 1.1465 and is witnessing a falling wedge breakout - bearish-to-bullish trend change - on the daily chart.
- The bullish pattern is backed by a positive cross between the 5-day and 10-day simple moving averages (SMAs), ascending (bullish) 50-, 100-, and 200-hour SMAs, and higher lows pattern on the hourly and 4-hour chart.
- The indicators are also biased toward the bulls. For instance, the MACD is rising on the 4-hour chart and the RSI is printing bullish levels above 60.00.
- The currency pair looks set to test the psychological level of 1.15.
- The greenback is being offered across the board in Asia. As per the latest reports, Democrats Stephanie Murphy has won re-election to the US House in Florida's 7th Congressional District. It is worth noting that a Democrat majority in both Chambers is seen as a USD-negative outcome.
Daily Chart
Hourly Chart
Trend: Bullish
EUR/USD
Overview:
Last Price: 1.1465
Daily change: 47 pips
Daily change: 0.412%
Daily Open: 1.1418
Trends:
Daily SMA20: 1.1453
Daily SMA50: 1.1557
Daily SMA100: 1.1586
Daily SMA200: 1.1857
Levels:
Daily High: 1.1438
Daily Low: 1.1392
Weekly High: 1.1456
Weekly Low: 1.1302
Monthly High: 1.1625
Monthly Low: 1.1302
Daily Fibonacci 38.2%: 1.142
Daily Fibonacci 61.8%: 1.1409
Daily Pivot Point S1: 1.1394
Daily Pivot Point S2: 1.1369
Daily Pivot Point S3: 1.1347
Daily Pivot Point R1: 1.144
Daily Pivot Point R2: 1.1462
Daily Pivot Point R3: 1.1487
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