EUR/USD Price Analysis: Ascending triangle confirmation awaited for 1.1120 on Fed day

EUR/USD stays depressed inside bearish chart after two-day downtrend.
MACD conditions, lower highs favor sellers to aim for fresh 2021 low.
200-SMA adds strength to the upside barrier, double tops guard immediate recovery.
Fed Preview: Dollar hinges on 2022 rate hike dots, guide to trading the grand finale of 2021

Anil Panchal FXStreet

EUR/USD holds lower ground after two-day declines, challenging the support line of a short-term ascending triangle near 1.1250 during the early Asian session on Wednesday.

The bearish MACD signals and the major currency pair’s double top formation around 1.1330, not to forget the lower highs portrayed since November 30, also back the EUR/USD bears to conquer the 1.1250 immediate support.

Following that, the 1.1200 threshold and the yearly low of 1.1186 may become imminent for the pair sellers before targeting the 61.8% Fibonacci Expansion (FE) level of October 28 to November moves, near 1.1120.

Meanwhile, an upside clearance of the 1.1330 immediate hurdle will direct EUR/USD prices towards the 1.1375-87 region comprising 200-SMA, also the upper-end of the stated triangle.

Should the EUR/USD prices remain firm past 1.1375, odds of witnessing numbers past 1.1500 can’t be ruled out.

EUR/USD: Four-hour chart

Trend: Further weakness expected

Additional important levles

Overview
Today last price	1.1258
Today Daily Change	-0.0026
Today Daily Change %	-0.23%
Today daily open	1.1284

Trends
Daily SMA20	1.1293
Daily SMA50	1.1461
Daily SMA100	1.1614
Daily SMA200	1.1795

Levels
Previous Daily High	1.1319
Previous Daily Low	1.126
Previous Weekly High	1.1355
Previous Weekly Low	1.1228
Previous Monthly High	1.1616
Previous Monthly Low	1.1186
Daily Fibonacci 38.2%	1.1283
Daily Fibonacci 61.8%	1.1297
Daily Pivot Point S1	1.1256
Daily Pivot Point S2	1.1229
Daily Pivot Point S3	1.1197
Daily Pivot Point R1	1.1316
Daily Pivot Point R2	1.1347
Daily Pivot Point R3	1.1375

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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