EUR/USD Price Analysis: Eyes break above key resistance at 1.1349

EUR/USD looks north with the daily chart reporting a triangle breakout.
The daily chart MACD is about to turn bullish.
The pair eyes a break above the lower high of 11349 created on June 23.

Omkar Godbole FXStreet Contributor

EUR/USD bounced 0.5% on Wednesday, reversing the decline seen on Tuesday and reinforcing the ascending triangle breakout confirmed by Monday’s close at 1.1309.

The breakout is now backed by an above-50 or bullish reading on the 14-day relative strength index and ascending 5- and 10-day simple moving averages (SMAs).

In addition, the MACD histogram, an indicator used to identify trend strength and trend changes, is about to cross into bullish territory above zero.

As such, the pair could soon break above the immediate resistance at $1.1349 (June 23 high). That would invalidate the lower high created on June 23 and bolster the bullish technical setup, opening the doors for a re-test of the June 10 high of 1.1422.

On the downside, the June 19 low of 1.1168 is the level to beat for the sellers. At press time, the pair is trading around 1.1340, representing a 0.10% gain on the day, The pair printed a three-week high of 1.1352 on Wednesday.

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1340
Today Daily Change	0.0007
Today Daily Change %	0.10
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

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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