EUR/USD Price Analysis: Attempts inverse head-and-shoulders breakout

EUR/USD probes key resistance after Tuesday's Doji candle.
A close higher would confirm a bullish breakout on the daily chart.

Omkar Godbole FXStreet Contributor

EUR/USD is trading near 1.2160 at press time. That level is currently housing the neckline resistance of the inverse head-and-shoulders pattern, as seen on the daily chart.

A close higher would confirm a breakout and open the doors for a 200-pip rally (target as per the measured move method). Major resistance is located at 1.2349 (Jan. 6 high).

The pair faced rejection at 1.2180 and failed to keep gains above the neckline hurdle on Tuesday, forming an indecisive Doji candle on the daily chart. The pattern has established 1.2135 (Tuesday's low) as the level to defend for the bulls.

A move below that could yield a re-test of 1.2023 (Feb. 17 low).

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.2159
Today Daily Change	0.0012
Today Daily Change %	0.10
Today daily open	1.2147

Trends
Daily SMA20	1.2092
Daily SMA50	1.2155
Daily SMA100	1.2015
Daily SMA200	1.1778

Levels
Previous Daily High	1.218
Previous Daily Low	1.2135
Previous Weekly High	1.217
Previous Weekly Low	1.2023
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.2152
Daily Fibonacci 61.8%	1.2163
Daily Pivot Point S1	1.2128
Daily Pivot Point S2	1.2109
Daily Pivot Point S3	1.2083
Daily Pivot Point R1	1.2173
Daily Pivot Point R2	1.2199
Daily Pivot Point R3	1.2218

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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