EUR/USD Price Analysis: Daily RSI teases bull reversal

  • EUR/USD's daily chart RSI charts a bullis reversal pattern. 
  • The pair is yet to take out the 50-day SMA hurdle. 

EUR/USD's 14-day Relative Strength Index (RSI) has carved out an inverse head-and-shoulders bullish reversal pattern. 

An RSI breakout would open the doors for a re-test of the January high of 1.2349. The pair is currently trading near 1.2128, representing a 0.11% gain on the day.

The pair has been restricted to a narrow range defined by the 50-day Simple Moving Average (SMA) and 100-day SMA since Feb. 4. 

A close above the 50-day SMA, currently at 1.2150, would shift the focus to 1.2349. Meanwhile, a close below the 100-day SMA, currently at 1.20, would confirm a bearish reversal. The long-term SMA held ground in early November, following which the pair charted a big rally from 1.17 to above 1.23. 

Daily chart

Trend: Bullish

Technical levels


Today last price 1.2128
Today Daily Change 0.0011
Today Daily Change % 0.09
Today daily open 1.2117
Daily SMA20 1.2092
Daily SMA50 1.2155
Daily SMA100 1.2007
Daily SMA200 1.1766
Previous Daily High 1.2144
Previous Daily Low 1.2082
Previous Weekly High 1.217
Previous Weekly Low 1.2023
Previous Monthly High 1.235
Previous Monthly Low 1.2054
Daily Fibonacci 38.2% 1.2121
Daily Fibonacci 61.8% 1.2106
Daily Pivot Point S1 1.2085
Daily Pivot Point S2 1.2052
Daily Pivot Point S3 1.2022
Daily Pivot Point R1 1.2147
Daily Pivot Point R2 1.2177
Daily Pivot Point R3 1.2209



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD failed to recover above 1.2100

The shared currency remains under selling pressure against its American rival, trading in the 1.2080 area. Market players waiting for more hints in the form of April Retail Sales.


GBP/USD under pressure below 1.4050 amid renewed USD demand

GBP/USD trades pressured below 1.4050, as the US dollar remains broadly bid amid risk-off sentiment. Rising inflationary pressures and Brexit jitters over NI keep investors on the edge. Bailey's speech, US data in focus.


XAU/USD respects the 10-day EMA

Gold could be on the verge of a lower low, but the hourly time frame is key. The hourly support structure is guarding a break to test bullish commitments at 1,800. The 10-day EMA and confluence of the 50% mean reversion are also offering support. Gold Weekly Forecast: XAU/USD could target 200-day SMA

Gold News

Yearn Finance Price Forecast: YFI eyes consolidation after quick surge

Yearn Finance price tagged the channel’s upper trend line yesterday, falling just short of $100,000 and 261.8% Fibonacci extension target at $102,900. The sharp reversal from the trend line marks a significant turning point for YFI that will shift price action to consolidation from the uptrend beginning at the April 25 low. 

Read more

US markets lead the recovery as jobless claims decline

Ongoing inflation fears remain, yet improved jobless claims help lift spirits in the US. Meanwhile, UK reopening stocks have been dealt a blow after SAGE claimed that a rise in the Indian Covid strain could slow the pace of lockdown easing. 

Read more