EUR/USD Price Analysis: Seesaws inside monthly falling wedge below 1.1800


  • EUR/USD keeps bounce off 12-day-old support line despite stepping back from 100-SMA.
  • Bullish chart pattern, upbeat Momentum back the buyers.
  • Bears have multiple hurdles to conquer before the yearly low.

EUR/USD picks up bids to 1.1775, consolidating the pullback from 100-SMA, during Friday’s Asian session. In doing so, the major currency pair bounces off a short-term support line inside a one-month-old falling wedge bullish chart pattern on the four-hour (4H) play.

Given the firmer Momentum line and the pair’s repeated failures to break immediate support, EUR/USD is likely o mark another battle with the 100-SMA level of 1.1825.

During the rise, the 1.1800 threshold and an upper line of a falling wedge, near 1.1810, will act as intermediate halts.

However, a clear upside break of 1.1825 will act as a trend reversal signal and could recall the 1.2000 psychological magnet back to the chart.

On the flip side, the nearby support line and the wedge’s lower line, respectively around 1.1755 and 1.1725, will restrict the short-term EUR/USD downturn ahead of the yearly low near the 1.1700 round figures.

It’s worth noting that the pair’s sustained weakness past 1.1700 will not hesitate to direct the bears toward the late 2020 lows near 1.1600.

EUR/USD: Four-hour chart

Trend: Recovery expected

Additional important levels

Overview
Today last price 1.1775
Today Daily Change -0.0019
Today Daily Change % -0.16%
Today daily open 1.1794
 
Trends
Daily SMA20 1.1847
Daily SMA50 1.2013
Daily SMA100 1.1982
Daily SMA200 1.2006
 
Levels
Previous Daily High 1.1805
Previous Daily Low 1.1752
Previous Weekly High 1.188
Previous Weekly Low 1.1772
Previous Monthly High 1.2254
Previous Monthly Low 1.1845
Daily Fibonacci 38.2% 1.1784
Daily Fibonacci 61.8% 1.1772
Daily Pivot Point S1 1.1762
Daily Pivot Point S2 1.1731
Daily Pivot Point S3 1.1709
Daily Pivot Point R1 1.1815
Daily Pivot Point R2 1.1836
Daily Pivot Point R3 1.1868

 

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

How do emotions affect trade?
Follow up our daily analysts guidance

Subscribe Today!    

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: Focus on two-month-old support near 1.1750

EUR/USD remains pressured around three-week lows, consolidate the biggest daily fall in a month. Firmer Momentum back-up to the south-run, 50-DMA break favor sellers.

EUR/USD News

GBP/USD: Bulls and bears will battle this out near the 61.8% golden ratio

The GBP/USD price has corrected 50% of the hourly bearish impulse. The bulls have been chipping away as profits are taken with bears moving aside one by one. This has resulted in a slow decelerating correction from which could attract sellers again. 

GBP/USD News

EUR/USD: Focus on two-month-old support near 1.1750

EUR/USD remains pressured around three-week lows, consolidate the biggest daily fall in a month. Firmer Momentum back-up to the south-run, 50-DMA break favor sellers.

EUR/USD News

Dogecoin killer Shiba Inu ready for new bull run

Shiba Inu gets listed on Binance.US, SHIB price recovers from the loss posted over the past week. The Shiba-Inu-themed token is one of the top 10 most mentioned cryptos on Twitter alongside BTC, ETH, DOGE, ADA.

Read more

US Michigan Consumer Sentiment Preview: Markets will have to look hard for positive signs

Consumer outlook expected to rebound to 72.2 in September. August’s 70.2 was the lowest since December 2011. Inflation and Delta variant wearing on US optimism. Markets face negative dollar risk from fading consumer optimism.

Read more

Forex MAJORS

Cryptocurrencies

Signatures