EUR/USD Price Analysis: Advances towards 1.0600 as bulls stabilize above 50-EMA


  • An Ascending Triangle formation is bolstering the shared currency bulls.
  • The 20- and 50-period EMAs have displayed a bulls cross that indicates an upside in the asset.
  • A break of 60.00 by the RSI (14) firmly will add to the upside filters.

The EUR/USD pair has remained biased towards the shared currency bulls in the Asian session and is expected to extend its gains after violating an intraday high at 1.0575. From the past week, the asset is scaling gradually higher but is still inside the woods.

An ascending triangle formation in the four-hour scale is strengthening the shared currency bulls. The upward sloping trendline of the above-mentioned chart pattern is placed from June 17 low at 1.0444 while the horizontal resistance is plotted from June 16 high at 1.0602.

On the four-hour scale, a balanced profile area in a 1.0627-1.0787 range has been marked, which will act as a major resistance for the counter.

A bull cross, represented by the 20- and 50-period Exponential Moving Averages (EMAs) at 1.0531 adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) is attempting to shift above 60.00, which will strengthen the eurozone bulls further.

A decisive move above June 1 low at 1.0627 will drive the asset towards June 7 low at 1.0671, followed by June 6 high at 1.0752.

On the flip side, the greenback bulls could dictate the asset if it drops below June 22 low at 1.0469. An occurrence of the same will drag the asset towards June 17 low at 1.0444. A slippage below June 17 low will expose the asset to more downside levels of the Jun 16 low at 1.0381.

EUR/USD four-hour chart

EUR/USD

Overview
Today last price 1.0568
Today Daily Change 0.0013
Today Daily Change % 0.12
Today daily open 1.0555
 
Trends
Daily SMA20 1.0594
Daily SMA50 1.0604
Daily SMA100 1.0848
Daily SMA200 1.1138
 
Levels
Previous Daily High 1.0571
Previous Daily Low 1.0512
Previous Weekly High 1.0606
Previous Weekly Low 1.0469
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.0549
Daily Fibonacci 61.8% 1.0535
Daily Pivot Point S1 1.0521
Daily Pivot Point S2 1.0487
Daily Pivot Point S3 1.0462
Daily Pivot Point R1 1.058
Daily Pivot Point R2 1.0605
Daily Pivot Point R3 1.0639

 

 

 

 

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