EUR/USD Price Analysis: Euro is trapped in a narrowing price range


  • EUR/USD prints a contracting triangle on the 4-hour chart. 
  • A breakout would set the tone for a re-test of recent highs.

EUR/USD has created lower highs and higher lows in the last 12 trading days, according to the 4-hour chart. 

The immediate bias would remain neutral as long as the pair is held within that narrowing price range, also known as the symmetrical triangle. 

A break below the lower end of the triangle, currently at 1.1209, would imply a resumption of the pullback from the recent high of 1.1422 and open the doors to 1.1148 (March 27 high). 

Alternatively, a range breakout would open the doors to a re-test of resistance at 1.1349 (June 23 high), above which, the focus would shift to the recent high of 1.1422. 

A triangle breakout looks likely as the 14-day relative strength index (RSI) is reporting bullish conditions with an above-50 print and the daily chart shows a golden crossover. Last week’s inverted bullish hammer also favors an upside breakout in the shared currency. 

4-hour chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price 1.1229
Today Daily Change -0.0005
Today Daily Change % -0.04
Today daily open 1.1234
 
Trends
Daily SMA20 1.1269
Daily SMA50 1.1052
Daily SMA100 1.1006
Daily SMA200 1.1037
 
Levels
Previous Daily High 1.1262
Previous Daily Low 1.1191
Previous Weekly High 1.1348
Previous Weekly Low 1.1169
Previous Monthly High 1.1422
Previous Monthly Low 1.1097
Daily Fibonacci 38.2% 1.1218
Daily Fibonacci 61.8% 1.1235
Daily Pivot Point S1 1.1196
Daily Pivot Point S2 1.1158
Daily Pivot Point S3 1.1125
Daily Pivot Point R1 1.1267
Daily Pivot Point R2 1.13
Daily Pivot Point R3 1.1338

 

 

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