EUR/USD Price Analysis: Hovers near 1.11, potential bull flag on intraday chart


  • EUR/USD is forming a bull flag on the 15-minute chart. 
  • A move above 1.1140 is needed to confirm a breakout.

EUR/USD is struggling to keep gains above 1.11 in Asia with the US dollar attracting haven bids amid increasing coronavirus fears in the US and across Europe. 

So far in Asia, the pair has lacked a clear directional bias and has traded in both directions to hit a high and low of 1.1145 and 1.1089.

The rally from the March 23 low of 1.0636 would resume if the spot takes out resistance near 1.1140, confirming a bull flag on the 15-minute chart. A flag breakout is a continuation pattern, which usually accelerates the preceding upward move.

However, if the flag ends with a downside break, a bearish reversal would be confirmed and could bring a deeper decline toward1.10.

15-minute chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price 1.11
Today Daily Change -0.0030
Today Daily Change % -0.27
Today daily open 1.114
 
Trends
Daily SMA20 1.1066
Daily SMA50 1.1
Daily SMA100 1.1049
Daily SMA200 1.1082
 
Levels
Previous Daily High 1.1147
Previous Daily Low 1.0953
Previous Weekly High 1.1147
Previous Weekly Low 1.0636
Previous Monthly High 1.1089
Previous Monthly Low 1.0778
Daily Fibonacci 38.2% 1.1073
Daily Fibonacci 61.8% 1.1027
Daily Pivot Point S1 1.1013
Daily Pivot Point S2 1.0886
Daily Pivot Point S3 1.082
Daily Pivot Point R1 1.1207
Daily Pivot Point R2 1.1274
Daily Pivot Point R3 1.1401

 

 

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