EUR/USD Price Analysis: Bulls again fail to invalidate a lower high

Euro bulls struggle to force a breakout above a lower high at 1.1349.
Daily RSI retains the bullish bias, key averages eye bull cross.

Omkar Godbole FXStreet Contributor

The EUR/USD failed to keep gains above 1.1349 – a lower high created on June 23 – on Monday and was last seen trading largely unchanged on the day near 1.1338.

A bull failure above 1.1349 was first observed last Thursday.

A close above 1.1349 is needed to invalidate the lower high pattern on the daily chart and open the doors for a stronger rally toward 1.1422 (June 10 high) and possibly to 1.15.

Supporting the case for a breakout is the above-50 or bullish reading on the 14-day relative strength index. In addition, the 100-day simple moving average (SMA) is about to cross above the 200-day SMA.

On the lower side, Friday’s low of 1.12 is the level to beat for the sellers. A violation there would shift the focus to the ascending 50-day SMA, currently at 1.1137.

Daily chart

Trend: Bullish above 1.1349

Technical levels

EUR/USD

Overview
Today last price	1.1346
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.1344

Trends
Daily SMA20	1.126
Daily SMA50	1.1128
Daily SMA100	1.1047
Daily SMA200	1.1052

Levels
Previous Daily High	1.1375
Previous Daily Low	1.13
Previous Weekly High	1.1371
Previous Weekly Low	1.1243
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1346
Daily Fibonacci 61.8%	1.1329
Daily Pivot Point S1	1.1305
Daily Pivot Point S2	1.1265
Daily Pivot Point S3	1.123
Daily Pivot Point R1	1.1379
Daily Pivot Point R2	1.1414
Daily Pivot Point R3	1.1453

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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