EUR/USD Price Analysis: Eases inside monthly rising wedge below 1.2200

EUR/USD remains pressured around intraday low inside a bearish chart pattern.
50, 200-bar SMA restrict short-term downside, bulls need validation from late January tops.

Anil Panchal FXStreet

EUR/USD drops to 1.2159, intraday low 1.2156, amid Thursday’s Asian session. In doing so, the currency major takes a U-turn from the upper line of a one-month-old rising wedge bearish chart formation amid bearish MACD signals.

The quote currently declines towards the 50-bar SMA level of 1.2119. Though, its further downside will be tested by 200-bar SMA, at 1.2110.

In a case where EUR/USD sellers refrain from bouncing off the key SMA, the support line of the stated chart pattern near 1.2070 becomes the key as a downside break will confirm a theoretical bearish move targeting 1.1850.

Though, the 1.2000 psychological magnet and the yearly bottom surrounding 1.1950 adds to the downside filters.

Meanwhile, a clear break above the immediate resistance line around 1.2175 will not give a green pass to the EUR/USD bulls as multiple stops to the north marked in January close to 1.2200 will challenge the upside.

EUR/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2161
Today Daily Change	-5 pips
Today Daily Change %	-0.04%
Today daily open	1.2166

Trends
Daily SMA20	1.2095
Daily SMA50	1.2155
Daily SMA100	1.2019
Daily SMA200	1.1784

Levels
Previous Daily High	1.2175
Previous Daily Low	1.2109
Previous Weekly High	1.217
Previous Weekly Low	1.2023
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.215
Daily Fibonacci 61.8%	1.2134
Daily Pivot Point S1	1.2125
Daily Pivot Point S2	1.2084
Daily Pivot Point S3	1.206
Daily Pivot Point R1	1.2191
Daily Pivot Point R2	1.2216
Daily Pivot Point R3	1.2256

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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