EUR/USD Price Analysis: Pierces weekly hurdle above 1.2200 on inverse H&S confirmation

EUR/USD stays on the bids after confirming a bullish chart pattern on 1H.
Overbought RSI condition probe buyers, 200-HMA offers nearby key support.

Anil Panchal FXStreet

EUR/USD extends Monday’s upbeat performance while taking the bids near 1.2233, up 0.07% intraday, during Tuesday’s Asian session. The currency major pair’s 200-HMA breakout confirmed inverse head-and-shoulders (H&S) bullish chart pattern on the hourly (1H) play the previous day.

As of writing, the upside confirmation battles the overbought RSI conditions as bulls attack a one-week-old falling trend line resistance.

Hence, a clear break of 1.2235 becomes necessary for EUR/USD to attack the monthly peak surrounding 1.2265. However, any further upside needs to cross 1.2275 and 1.2310 intermediate hurdles before targeting the yearly top near 1.2350.

On the flip side, pullback moves can be ignored until the quote stays beyond the 200-HMA level of 1.2207, followed by the 1.2200 threshold support.

Should the consolidation of recent gains stretch below the 1.2200 round figure, Friday's low near 1.2130 will be in the spotlight.

EUR/USD hourly chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2234
Today Daily Change	42 pips
Today Daily Change %	0.34%
Today daily open	1.2192

Trends
Daily SMA20	1.2145
Daily SMA50	1.2013
Daily SMA100	1.2039
Daily SMA200	1.1976

Levels
Previous Daily High	1.2205
Previous Daily Low	1.2133
Previous Weekly High	1.2266
Previous Weekly Low	1.2133
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.216
Daily Fibonacci 61.8%	1.2177
Daily Pivot Point S1	1.2148
Daily Pivot Point S2	1.2105
Daily Pivot Point S3	1.2076
Daily Pivot Point R1	1.2221
Daily Pivot Point R2	1.2249
Daily Pivot Point R3	1.2293

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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