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.

Anil Panchal FXStreet

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

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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