EUR/USD Technical Analysis: Triangle Breakout confirmed as EUR/USD is nearing 1.1700 figure - Game on for bulls
|- EUR/USD bear trend is on hold since mid-August when EUR/USD found a floor at 1.1300 figure.
- EUR/USD broke from the triangle compression pattern as it is trading above its 50, 100 and 200-period simple moving averages, which is bullish. The RSI, MACD and Stochastics are all bullishly configured.
- The next target is 1.1700 followed by 1.1750 (July resistance). This last one can be a tough one to break above since it was strong resistance this summer. After it comes the 1.1800 figure resistance.
- Conversely, a bear breakout below 1.1530 would be seen as a strong bearish signal and would invalidate the bullish bias.
Spot rate: 1.1678
Relative change: 0.45%
High: 1.1688
Low: 1.1608
Main trend: Bearish
Short-term trend: Bullish above 1.1530
Resistance 1: 1.1700 figure
Resistance 2: 1.1750 key resistance (July)
Resistance 3: 1.1800 figure
Support 1: 1.1654 August 27 high
Support 2: 1.1630 August 8 high key level
Support 3: 1.1600 figure
Support 4: 1.1572 July 19 low
Support 5: 1.1542 supply/demand level
Support 6: 1.1530 August 23 swing low
Support 7: 1.1508 June 8 low
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.