EUR/USD Price Analysis: Picks up bids near 1.0550 inside weekly triangle


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  • EUR/USD picks up bids inside a fortnight-old trading range, weekly symmetrical triangle.
  • Clear break of three-week-old descending trend line, firmer RSI adds strength to the recovery moves.
  • 100-SMA offers an extra challenge to buyers before giving them control.

EUR/USD extends the early Asian session rebound towards poking the 1.0550 mark as European traders brace for Wednesday’s bell.

The major currency pair’s latest recovery could be linked to the U-turn from the previous resistance line stretched from April 21. Also keeping buyers hopeful is the recently firmer RSI (14) line.

It should be noted, however, that a one-week-long symmetrical triangle restricts short-term EUR/USD moves between 1.0565 and 1.0520.

Hence, the latest upside momentum eyes the triangle’s resistance line, namely around 1.0565, a break of which could direct buyers towards the 100-SMA level, near 1.0630 at the latest.

Even if the quote rises past 1.0630, the current month high around 1.0640-45 will act as an additional filter to the north before confirming the advances targeting the 1.0700 region.

On the contrary, a downside of the stated triangle’s support, around 1.0520, will be challenged by the resistance-turned-support line, close to 1.0515 at the latest.

Should the quote drop below 1.0515, the 1.0500 and April’s low near 1.0470 will lure the EUR/USD bears.

EUR/USD: Four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price 1.0545
Today Daily Change 0.0017
Today Daily Change % 0.16%
Today daily open 1.0528
 
Trends
Daily SMA20 1.0668
Daily SMA50 1.0858
Daily SMA100 1.1092
Daily SMA200 1.1336
 
Levels
Previous Daily High 1.0586
Previous Daily Low 1.0526
Previous Weekly High 1.0642
Previous Weekly Low 1.0483
Previous Monthly High 1.1076
Previous Monthly Low 1.0471
Daily Fibonacci 38.2% 1.0548
Daily Fibonacci 61.8% 1.0563
Daily Pivot Point S1 1.0507
Daily Pivot Point S2 1.0486
Daily Pivot Point S3 1.0447
Daily Pivot Point R1 1.0567
Daily Pivot Point R2 1.0606
Daily Pivot Point R3 1.0627

 

 

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