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

EUR/USD

Overview
Today last price 1.2128
Today Daily Change 0.0011
Today Daily Change % 0.09
Today daily open 1.2117
 
Trends
Daily SMA20 1.2092
Daily SMA50 1.2155
Daily SMA100 1.2007
Daily SMA200 1.1766
 
Levels
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

 

 

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