EUR/USD Price Analysis: Has room to rise towards 1.1715 amid bullish technical set up

EUR/USD is breaking higher from a three-week-old descending triangle on the daily chart.
Tuesday’s close is critical to unleashing additional upside towards the 50-DMA at 1.1715.
Daily RSI pierces through the midline, recaptures 50.00 and backs more gains.

Dhwani Mehta FXStreet

EUR/USD is consolidating around 1.1650, having staged an impressive bounce from the daily lows of 1.1610, as the pullback in the US dollar amid the risk-on mood underpinned the pair.

The major extends its recovery from 15-month lows of 1.1524 into the fifth straight day on Tuesday, as the bulls remain in complete control.

EUR/USD’s daily chart shows that the price has broken higher from a three-week-old descending triangle formation, although the bulls need a daily closing above the falling trendline resistance at 1.1602 to confirm an upside breakout from the pattern.

The 14-day Relative Strength Index (RSI) has pierced through the midline, now back onto the positive territory, suggesting that there is more room to the upside.

The triangle confirmation will trigger a fresh advance towards the downward-sloping 50-Daily Moving Average (DMA) at 1.1715.

Ahead of that the 1.1700 round number could be a tough nut to crack for the EUR bulls.

EUR/USD: Daily chart

Meanwhile, any retracement will meet the 21-DMA support at 1.1622, below which the triangle resistance now support at 1.1602 would be tested once again.

Further south, Monday’s low of 1.1571 could be threatened if the selling pressure intensifies.

EUR/USD: Additional levels to consider

EUR/USD

Overview
Today last price	1.1652
Today Daily Change	0.0041
Today Daily Change %	0.35
Today daily open	1.1611

Trends
Daily SMA20	1.162
Daily SMA50	1.1716
Daily SMA100	1.1818
Daily SMA200	1.1929

Levels
Previous Daily High	1.1622
Previous Daily Low	1.1572
Previous Weekly High	1.1624
Previous Weekly Low	1.1524
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.1603
Daily Fibonacci 61.8%	1.1591
Daily Pivot Point S1	1.1581
Daily Pivot Point S2	1.1551
Daily Pivot Point S3	1.153
Daily Pivot Point R1	1.1631
Daily Pivot Point R2	1.1652
Daily Pivot Point R3	1.1682

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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