EUR/USD Price Analysis: Probing key Fibonacci retracement hurdle

EUR/USD has retraced 38.2% of the pullback from early January highs.
The pair has trapped in a narrowing price range.

Omkar Godbole FXStreet Contributor

EUR/USD is trading around 1.2166, which is the 38.2% Fibonacci retracement of the decline from 1.2349 to 1.2049.

The pair has carved out a pennant pattern on the hourly chart. A breakout would validate the bullish crossover of the 50- and 200-hour Simple Moving Averages (SMA) and signal a continuation of the rally from 1.2077, opening the doors for 1.2223 (Jan. 29 high).

Alternatively, a pennant breakdown would shift risk in favor of a drop to support at 1.2120.

Hourly chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.2171
Today Daily Change	0.0003
Today Daily Change %	0.02
Today daily open	1.2168

Trends
Daily SMA20	1.2198
Daily SMA50	1.2113
Daily SMA100	1.1942
Daily SMA200	1.1641

Levels
Previous Daily High	1.219
Previous Daily Low	1.2152
Previous Weekly High	1.219
Previous Weekly Low	1.2054
Previous Monthly High	1.231
Previous Monthly Low	1.1924
Daily Fibonacci 38.2%	1.2166
Daily Fibonacci 61.8%	1.2175
Daily Pivot Point S1	1.215
Daily Pivot Point S2	1.2132
Daily Pivot Point S3	1.2112
Daily Pivot Point R1	1.2188
Daily Pivot Point R2	1.2208
Daily Pivot Point R3	1.2226

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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