EUR/USD Price Analysis: Flashing red for fourth day, falling wedge seen on 4H


  • EUR/USD printed a low of 1.0903 on Wednesday and remains in the red at press time. 
  • The 4-hour chart shows a falling wedge pattern, a bullish reversal setup. 

EUR/USD is trading near 1.0945 at press time, representing a 0.15% drop on the day, having registered losses in the previous three trading days. 

The pair's bounce from the March 23 low of 1.0778 ran out of steam near 1.1150 last Friday. The single currency printed a low of 1.0903 on Wednesday, erasing nearly 50 percent from the bounce from 1.0778 to 1.1150.

More importantly, the pullback from 1.1150 has taken the shape of a falling wedge – a bullish reversal pattern – on the 4-hour chart. 

A convincing move through the top end of the wedge, currently at 1.0990, would imply an end of the pullback and a continuation of the ascent from 1.0778. The breakout would open the doors for a re-test of 1.1150. 

4-hour chart

Trend: Bullish above 1.0990

Technical levels

EUR/USD

Overview
Today last price 1.0944
Today Daily Change -0.0018
Today Daily Change % -0.16
Today daily open 1.0962
 
Trends
Daily SMA20 1.1046
Daily SMA50 1.0995
Daily SMA100 1.1049
Daily SMA200 1.1077
 
Levels
Previous Daily High 1.1039
Previous Daily Low 1.0903
Previous Weekly High 1.1147
Previous Weekly Low 1.0636
Previous Monthly High 1.1497
Previous Monthly Low 1.0636
Daily Fibonacci 38.2% 1.0955
Daily Fibonacci 61.8% 1.0987
Daily Pivot Point S1 1.0897
Daily Pivot Point S2 1.0832
Daily Pivot Point S3 1.0761
Daily Pivot Point R1 1.1033
Daily Pivot Point R2 1.1104
Daily Pivot Point R3 1.1169

 

 

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