EUR/USD Price Analysis: Picks up bids inside two-week-old triangle around mid-1.1800s

EUR/USD refreshes intraday high, stays inside short-term symmetrical triangle.
Sustained trading above 200-bar SMA, normal RSI conditions favor bulls.
November 04 high adds a filter to the downside, monthly high will offer additional resistance.

Anil Panchal FXStreet

EUR/USD rises to 1.1860 during Monday’s Asian session. The major currency pair trades inside a symmetrical triangle since November 09 while keeping upside momentum beyond 200-bar SMA off-late.

With the RSI conditions not being oversold or overbought, the continuation of the latest recovery moves can be expected.

As a result, EUR/USD buyers currently eye the upper line of the stated triangle, at 1.1881 now, while targeting to refresh the monthly peak surrounding 1.1920.

It should, however, be noted that a clear break above 1.1920 will be enough for the bulls to challenge the yearly high marked in September around 1.2010.

Meanwhile, the pattern’s support line, at 1.1835 now, precedes a 200-bar SMA level of 1.1789 to probe the short-term downside. Also acting as a support is the November 04 high of 1.1770.

EUR/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price	1.1861
Today Daily Change	3 pips
Today Daily Change %	0.03%
Today daily open	1.1858

Trends
Daily SMA20	1.1789
Daily SMA50	1.1775
Daily SMA100	1.1739
Daily SMA200	1.1378

Levels
Previous Daily High	1.1891
Previous Daily Low	1.185
Previous Weekly High	1.1894
Previous Weekly Low	1.1814
Previous Monthly High	1.1881
Previous Monthly Low	1.164
Daily Fibonacci 38.2%	1.1866
Daily Fibonacci 61.8%	1.1875
Daily Pivot Point S1	1.1842
Daily Pivot Point S2	1.1825
Daily Pivot Point S3	1.1801
Daily Pivot Point R1	1.1883
Daily Pivot Point R2	1.1907
Daily Pivot Point R3	1.1924

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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