EUR/USD Price Analysis: Looks north with falling wedge breakout on 4H

EUR/USD's 4-hour chart shows a bullish reversal pattern,
The pair looks north, looks set to test lower highs at 1.2178-1.2223.

Omkar Godbole FXStreet Contributor

EUR/USD is trading close to 1.2140, representing marginal gains on the day.

The 4-hour chart shows a falling wedge breakout on the 4-hour chart, a bullish reversal pattern. The pattern indicates the corrective pullback from highs near 1.2350 has ended, and the bulls have regained control.

The breakout is backed by a double bottom bullish breakout on the 4-hour chart Relative Strength Index. On the way higher, the pair may encounter resistance at 1.2178 and 1.2223.

Tuesday's low of 1.2074 is the level to beat for the bears.

4-hour chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.2139
Today Daily Change	0.0012
Today Daily Change %	0.10
Today daily open	1.2127

Trends
Daily SMA20	1.2204
Daily SMA50	1.2093
Daily SMA100	1.1933
Daily SMA200	1.1622

Levels
Previous Daily High	1.2145
Previous Daily Low	1.2074
Previous Weekly High	1.2227
Previous Weekly Low	1.2077
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2118
Daily Fibonacci 61.8%	1.2101
Daily Pivot Point S1	1.2086
Daily Pivot Point S2	1.2045
Daily Pivot Point S3	1.2015
Daily Pivot Point R1	1.2157
Daily Pivot Point R2	1.2186
Daily Pivot Point R3	1.2227

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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