EUR/USD Price Analysis: Fake triangle breakout drags Eurozone bulls to near 1.0200


  • A less-confident break of Descending Triangle has weakened the shared currency bulls.
  • The pair has surrendered the 20-EMA support at 1.0210.
  • Momentum oscillator RSI (14) has shifted back inside the woods.

The EUR/USD pair is hovering around Tuesday’s low at 1.0203 and is likely to display a steep fall on its violation. The asset is declining swiftly after facing barricades above 1.0240 and has shifted into bearish territory. In the early Tokyo session, the major has given a downside break of the 1.0209-1.0215 range.

On an hourly scale, the EUR/USD pair has displayed a steep fall after delivering a less-confident break of the Descending Triangle chart pattern. The downward sloping trendline of the aforementioned chart pattern is placed from the August 2 high at 1.0294 while the horizontal support is plotted from July 28 low at 1.0137.

The shared currency bulls have surrendered the 20-period Exponential Moving Average (EMA) support of 1.0210. While, the 200-EMA has turned flat around 1.0200, which indicates a consolidation ahead.

Also, the Relative Strength Index (RSI) (14) has shifted back to the 40.00-60.00 range and seeks a potential trigger ahead.

The greenback bulls could strengthen the downside bias if the asset drops below July 27 low at 1.0097, which will drag the asset towards July 14 high at 1.0050. A breach of the latter will unleash the greenback bulls for more downside towards July 14 low at 0.9952.

Alternatively, a decisive move above Thursday’s high at 1.0254 will drive the asset towards the August 2 high at 1.0294, followed by June 15 low at 1.0359.

EUR/USD hourly chart

EUR/USD

Overview
Today last price 1.0208
Today Daily Change -0.0005
Today Daily Change % -0.05
Today daily open 1.0213
 
Trends
Daily SMA20 1.0176
Daily SMA50 1.0353
Daily SMA100 1.0546
Daily SMA200 1.0915
 
Levels
Previous Daily High 1.0248
Previous Daily Low 1.0188
Previous Weekly High 1.0294
Previous Weekly Low 1.0123
Previous Monthly High 1.0486
Previous Monthly Low 0.9952
Daily Fibonacci 38.2% 1.0225
Daily Fibonacci 61.8% 1.0211
Daily Pivot Point S1 1.0185
Daily Pivot Point S2 1.0157
Daily Pivot Point S3 1.0126
Daily Pivot Point R1 1.0244
Daily Pivot Point R2 1.0275
Daily Pivot Point R3 1.0303

 

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD regained 0.6500 and aims to extend its advance

AUD/USD regained 0.6500 and aims to extend its advance

The AUD/USD pair trades around 0.6520, as the better tone of equities and profit-taking due to extreme overbought conditions took its toll on the greenback. Positive momentum is set to continue, at least in the near term.

AUD/USD News

EUR/USD flirts with 0.9750 amid a dollar sell-off

EUR/USD flirts with 0.9750 amid a dollar sell-off

The EUR/USD pair soared in the latest American session after reaching a fresh 22-year low of 0.9535. The greenback entered a selling spiral after Wall Street changed course while government bond yields sunk.

EUR/USD News

Gold: Sharp bounce falling short of indicating a trend change

Gold: Sharp bounce falling short of indicating a trend change

XAUUSD bounced from a fresh two-year low of $1,614.81 a troy ounce as dip buyers appeared on the dollar’s extreme overbought conditions. The bright metal peaked at $1,661.57, its highest for the week, holding above the $1,650 mid-US afternoon.

Gold News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Whale Watching 102 - Don't become the bait

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Whale Watching 102 - Don't become the bait

Statistically, October and November are usually bullish months for crypto. There is nothing wrong with casting a rod in treacherous water, but risk management should be applied. Don't become the bait when fishing for gains.

Read more

TIPS – A misunderstood inflation hedge

TIPS – A misunderstood inflation hedge

With inflation high and volatile, and with uncertainty about how quickly inflation might return to pre-Covid levels, should investors consider Treasury Inflation Protected Securities (“TIPS”) as part of a conservative portfolio allocation or for portfolio diversification? To answer the question, it is helpful to understand what TIPS are and how they work in practice.

Read more

Forex MAJORS

Cryptocurrencies

Signatures