• EUR/USD has reversed higher from a multi-month ascending trendline. 
  • Wednesday's high is now the level to beat for the bulls. 

EUR/USD jumped 0.24% on Monday, ending a six-day losing streak and defending the trendline rising from May 14 and July 10 lows. 

The bounce from the ascending trendline has neutralized the immediate bearish view. That said, a reversal higher would be confirmed if the pair finds acceptance above the overnight high of 1.1834 on Thursday. 

More substantial evidence of bullish revival would be the relative strength index's violation of the downtrend line. 

However, the trend change would remain elusive if the European Central Bank (ECB) offers a more dovish forward guidance than expected. EXpectations for supportive comments have been built up in the market due to rising euro and falling inflation expectations. 

Key support levels are located at 1.1753 (Wednesday's low) and 1.1696 (Aug. 3 low). Meanwhile, resistances are located at 1.17855 (200-hour SMA) and 1.19 (psychological hurdle). 

Daily chart

Trend: Neutral

Technical levels

EUR/USD

Overview
Today last price 1.1811
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.1803
 
Trends
Daily SMA20 1.1846
Daily SMA50 1.1678
Daily SMA100 1.1369
Daily SMA200 1.1196
 
Levels
Previous Daily High 1.1834
Previous Daily Low 1.1753
Previous Weekly High 1.2011
Previous Weekly Low 1.1781
Previous Monthly High 1.1966
Previous Monthly Low 1.1696
Daily Fibonacci 38.2% 1.1803
Daily Fibonacci 61.8% 1.1784
Daily Pivot Point S1 1.1759
Daily Pivot Point S2 1.1716
Daily Pivot Point S3 1.1678
Daily Pivot Point R1 1.184
Daily Pivot Point R2 1.1878
Daily Pivot Point R3 1.1921

 

 

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