EUR/USD Price Analysis: EUR/USD dips below 1.13 in a tough session for the single currency

EUR/USD trades 0.33% lower on Thursday as the dollar bounces back.
There is a chart pattern that the price is currently testing.

Rajan Dhall, MSTA FX Daily

EUR/USD 4-hour chart

EUR/USD has dipped on Thursday after performing well over the last couple of sessions. The market has been making higher highs and higher low waves recently and today's dip would need to take out 1.1260 to break that pattern. The risk sentiment for the session has taken the greenback higher again but the market will need to see if it can carry into the rest of the week.

Looking closer at the chart, the price has formed a flag type of formation. If there is a break lower it could mean there is a bigger retracement ahead. If that is the case the green resistance line at 1.1260 and the red line at 1.1168 could be important.

On the topside, If the price breaks back above the black line 1.1350 then there is a good probability the wave high on the chart could be tested again.

The indicators are looking mixed again, the Relative Strength Index has dipped below the 50 area. The MACD histogram is red but more crucially the signal lines are above the mid-point.

Additional levels

EUR/USD

Overview
Today last price	1.1297
Today Daily Change	-0.0033
Today Daily Change %	-0.29
Today daily open	1.133

Trends
Daily SMA20	1.1258
Daily SMA50	1.1106
Daily SMA100	1.1032
Daily SMA200	1.1047

Levels
Previous Daily High	1.1352
Previous Daily Low	1.1262
Previous Weekly High	1.1303
Previous Weekly Low	1.1185
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1318
Daily Fibonacci 61.8%	1.1297
Daily Pivot Point S1	1.1278
Daily Pivot Point S2	1.1225
Daily Pivot Point S3	1.1188
Daily Pivot Point R1	1.1367
Daily Pivot Point R2	1.1404
Daily Pivot Point R3	1.1457

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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