EUR/USD Price Analysis: Rises back to 1.08, potential double bottom on 1H

EUR/USD looks to be creating a double bottom pattern on the hourly chart.
A break above 1.0836 is needed to confirm a price breakout.

Omkar Godbole FXStreet Contributor

The American dollar is losing ground in Asia amid the uptick in the US stock futures, helping EUR/USD recover early losses.

The pair is currently traded near 1.08, having jumped from 1.0785 to 1.0802 in the 60 minutes to 00:00GMT. The futures tied to the S&P 500 index are up 0.5% at press time and pointing to a continuation of Monday's 7% price rally. The signs of risk reset will likely continue to weigh over the safe-haven US dollar.

Double bottom in Euro

The pair has defended the area around 1.0770 two times since Friday. The hourly chart shows a double bottom pattern with the neckline resistance at 1.0836 is likely in the making.

A break above 1.0836 would confirm a double bottom breakout and open the doors to 1.09 (target as per the measured move method).

Alternatively, acceptance under 1.0770 would invalidate prospects of a double bottom breakout and could yield another leg down toward 1.0750.

Hourly chart

Trend: Bullish above 1.0836

Technical levels

EUR/USD

Overview
Today last price	1.0798
Today Daily Change	0.0005
Today Daily Change %	0.05
Today daily open	1.0793

Trends
Daily SMA20	1.0969
Daily SMA50	1.0982
Daily SMA100	1.1042
Daily SMA200	1.1069

Levels
Previous Daily High	1.0836
Previous Daily Low	1.0768
Previous Weekly High	1.1144
Previous Weekly Low	1.0773
Previous Monthly High	1.1497
Previous Monthly Low	1.0636
Daily Fibonacci 38.2%	1.0794
Daily Fibonacci 61.8%	1.081
Daily Pivot Point S1	1.0762
Daily Pivot Point S2	1.0732
Daily Pivot Point S3	1.0695
Daily Pivot Point R1	1.0829
Daily Pivot Point R2	1.0866
Daily Pivot Point R3	1.0896

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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