EUR/USD Price Analysis: Falling wedge breakout suggests bull revival

EUR/USD is looking to establish a foothold above 1.18 in Asia.
The 4-hour chart shows the pullback from recent highs above 1.19 has ended.

Omkar Godbole FXStreet Contributor

EUR/USD is currently chipping away at the psychological hurdle of 1.18, having put in a low of 1.1711 on Wednesday.

The 4-hour chart shows a falling wedge breakout. The pattern comprises converging trendlines connecting lower highs and lower lows. The converging nature of trendlines is considered a sign of weak bearish momentum. As such, the breakout is considered a sign of bullish reversal.

In EUR’s case, it indicates that the pullback from recent highs above 1.19 has ended and the uptrend has resumed. The immediate hurdle is located at 1.1916 (Aug. 6 high). Meanwhile, support is located at 1.1777 (Asian session low), which, if breached, would shift risk in favor of a re-test of a weekly low of 1.1711.

4-hour chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1805
Today Daily Change	0.0021
Today Daily Change %	0.18
Today daily open	1.1784

Trends
Daily SMA20	1.1692
Daily SMA50	1.1448
Daily SMA100	1.1184
Daily SMA200	1.1116

Levels
Previous Daily High	1.1816
Previous Daily Low	1.1711
Previous Weekly High	1.1916
Previous Weekly Low	1.1696
Previous Monthly High	1.1909
Previous Monthly Low	1.1185
Daily Fibonacci 38.2%	1.1776
Daily Fibonacci 61.8%	1.1751
Daily Pivot Point S1	1.1725
Daily Pivot Point S2	1.1665
Daily Pivot Point S3	1.1619
Daily Pivot Point R1	1.183
Daily Pivot Point R2	1.1876
Daily Pivot Point R3	1.1935

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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