EUR/USD Price Analysis: Corrective pullback prints falling wedge below 1.1900

EUR/USD bounces off early April lows, refreshes intraday high of late.
RSI recovery from oversold area backs bullish chart pattern’s confirmation.
Previous support line, 200-HMA adds to the upside filters.

Anil Panchal FXStreet

EUR/USD extends late Friday’s recovery towards 1.1900, up 0.10% around 1.1875, during Monday Asian session. In doing so, the currency major portrays a bullish chart pattern, falling wedge, near the lowest levels since April 08.

Given the RSI’s U-turn from oversold territory gaining support from the strong Momentum line, EUR/USD may extend the corrective pullback towards the 1.1900 threshold. However, the stated formation’s resistance line near 1.1885 becomes an immediate hurdle to cross.

Although falling wedge breakout gains momentum near the multi-day low, if broken, a descending resistance line from June 11 near 1.1960 could probe the bulls holding the theoretical target over the 1.2000 psychological magnet. It’s worth noting that the EUR/USD buyers will remain cautious unless witnessing a clear break of the 200-HMA level around 1.2085.

Alternatively, the recent low near 1.1850 and the stated pattern’s support line close to 1.1825 could test the pair sellers during the fresh downside.

In a case where EUR/USD bears keep the reins below 1.1825, the 1.1800 round figure and the yearly bottom near 1.1705 will be on their radars.

EUR/USD hourly chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.1874
Today Daily Change	0.0010
Today Daily Change %	0.08%
Today daily open	1.1864

Trends
Daily SMA20	1.2142
Daily SMA50	1.2097
Daily SMA100	1.2036
Daily SMA200	1.1995

Levels
Previous Daily High	1.1925
Previous Daily Low	1.1847
Previous Weekly High	1.2147
Previous Weekly Low	1.1847
Previous Monthly High	1.2266
Previous Monthly Low	1.1986
Daily Fibonacci 38.2%	1.1877
Daily Fibonacci 61.8%	1.1895
Daily Pivot Point S1	1.1832
Daily Pivot Point S2	1.1801
Daily Pivot Point S3	1.1755
Daily Pivot Point R1	1.191
Daily Pivot Point R2	1.1957
Daily Pivot Point R3	1.1988

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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