- 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.
|Today last price||1.1229|
|Today Daily Change||-0.0005|
|Today Daily Change %||-0.04|
|Today daily open||1.1234|
|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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