EUR/USD Price Analysis: Euro formed head-and-shoulders pattern, nearing 1.1121 resistance

EUR/USD had a failed bearish breakout below the 1.1098 level.
Resistance is seen at the 1.1121 level and the correction can extend to 1.1151 resistance.

Flavio Tosti Independent Analyst

EUR/USD daily chart

EUR/USD is trading in a weak bear trend below its 200-day simple moving average (SMA). However, EUR/USD is trading within a bullish channel originating from October 2019 and also within a bull flag since late December. The euro formed a head-and-shoulders pattern, therefore, a break above the right shoulder near 1.1175 and the 200 SMA can be seen as a bullish continuation signal. However, since the price action has been so two-sided in the last months of trading it is more likely that breakouts in either direction will not go very far.

EUR/USD four-hour chart

The spot is trading below the main SMAs, suggesting an underlying bearish bias. At the start of the week, the market had a failed bearish breakout below the 1.1098 support level. The market is correcting up and if it breaks above the 1.1121 resistance the bounce can extend towards the 1.1155 resistance where it should find a potential stronger resistance. Further up lies the 1.1190 level. Support is seen at the 1.1098, 1.1070 and 1.1030 levels, according to the Technical Confluences Indicator.

Resistance: 1.1121, 1.1155, 1.1190

Support: 1.1098, 1.1070, 1.1030

Additional key levels

EUR/USD

Overview
Today last price	1.1117
Today Daily Change	0.0019
Today Daily Change %	0.17
Today daily open	1.1098

Trends
Daily SMA20	1.1143
Daily SMA50	1.11
Daily SMA100	1.1071
Daily SMA200	1.1136

Levels
Previous Daily High	1.1102
Previous Daily Low	1.1077
Previous Weekly High	1.1173
Previous Weekly Low	1.1086
Previous Monthly High	1.124
Previous Monthly Low	1.1002
Daily Fibonacci 38.2%	1.1092
Daily Fibonacci 61.8%	1.1087
Daily Pivot Point S1	1.1083
Daily Pivot Point S2	1.1067
Daily Pivot Point S3	1.1058
Daily Pivot Point R1	1.1108
Daily Pivot Point R2	1.1117
Daily Pivot Point R3	1.1133

Author

Flavio Tosti

Independent Analyst

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