EUR/USD Price Analysis: Refreshes three-month high towards 1.2000, battles triangle resistance


  • EUR/USD eases from fresh high since September 01.
  • RSI conditions warrant caution, bears are less likely to take entries above 1.1870.

EUR/USD steps back from the multi-day high while declining to 1.1964 during Monday’s Asian session. The pair rose to the highest in three months before a few hours but couldn’t cross the upper line of a five-week-old ascending triangle formation.

Considering the nearly overbought RSI conditions, the EUR/USD prices are likely to ease a bit to 10-day SMA around 1.1900. However, any further weakness needs to slip beneath the stated triangle’s support line, currently around 1.1870, before recalling the bears.

Should EUR/USD prices drop below 1.1870 on a daily closing basis, November 11 low near 1.1745 and the monthly bottom close to 1.1600 will lure the sellers afterward.

Meanwhile, an upside clearance of 1.1970 will eye the 1.2000 round-figure and the yearly top, marked in September, around 1.2015.

It should additionally be noted that the September 2017 peak near 1.2095 adds to the upside filters.

EUR/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 1.1965
Today Daily Change 5 pips
Today Daily Change % 0.04%
Today daily open 1.196
 
Trends
Daily SMA20 1.1832
Daily SMA50 1.1782
Daily SMA100 1.1769
Daily SMA200 1.1405
 
Levels
Previous Daily High 1.1963
Previous Daily Low 1.1908
Previous Weekly High 1.1963
Previous Weekly Low 1.18
Previous Monthly High 1.1881
Previous Monthly Low 1.164
Daily Fibonacci 38.2% 1.1942
Daily Fibonacci 61.8% 1.1929
Daily Pivot Point S1 1.1924
Daily Pivot Point S2 1.1888
Daily Pivot Point S3 1.1869
Daily Pivot Point R1 1.198
Daily Pivot Point R2 1.1999
Daily Pivot Point R3 1.2035

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

GBP/USD rises above 1.37 amid upbeat market mood

GBP/USD has jumped above 1.37, hitting the highest since 2018. Optimism about the UK's vaccine campaign and lower cases are compounded by a weaker dollar. The greenback is on the back foot due to optimism about Biden's stimulus.

GBP/USD News

EUR/USD rises amid improving market mood ahead of Biden's inauguration

EUR/USD has been advancing to around 1.2150 as the risk-on mood weighs on the safe-haven dollar. President-elect Biden is inaugurated later in the day and hopes of stimulus are high after Treasury Secretary nominee Yellen's testimony. 

EUR/USD News

Gold: Bulls recapture 200-DMA ahead of Biden's inauguration

Gold prices are attempting to correct higher above 200-DMA. The metal cheers rising US inflation expectations amid hopes of a massive stimulus package under the incoming Biden administration. 

Gold news

Forex Today: Yellen's stimulus boosts sentiment ahead of Biden's inauguration, BOC, Bailey eyed

The market mood is cheerful with stocks and gold rising and the dollar retreating ahead of Biden's inauguration. Yellen has made the case for more stimulus, boosting sentiment. 

Read more

US Dollar Index extends the drop to the 90.30 area, focus on US politics

The US Dollar Index (DXY), which gauges the greenback vs. its main competitors, remains on the back footing so far this week and slips back to the 90.30/25 band.

US Dollar Index News

Forex MAJORS

Cryptocurrencies

Signatures