EUR/USD Price Analysis: Stays inside immediate symmetrical triangle above 1.2200

EUR/USD prints mild gains while keeping the sideways moves amid holiday-thinned trading.
Successful run-up beyond 100-bar SMA keeps the buyers hopeful.

Anil Panchal FXStreet

EUR/USD picks up bids around 1.2220 during the pre-Tokyo Asian trading session on Tuesday. In doing so, the currency major keeps gains after rising to the one-week high on Monday.

However, a short-term symmetrical triangle formation established since December 17, currently between 1.2190 and 1.2240, restricts the pair’s immediate moves.

It should also be noted that the quote’s ability to stay beyond 100-bar SMA, amid upbeat RSI conditions, favor the EUR/USD bulls.

Hence, present buying targets the bullish formation’s resistance line around 1.2240 before eyeing the monthly top, also the highest since April 2018, near 1.2275.

Meanwhile, a downside break of the stated triangle’s support near 1.2190 needs to pierce off the 100-bar SMA level of 1.2167 to recall EUR/USD sellers.

Also acting as the downside filter is an eight-week-old ascending trend line support, at 1.2178 now.

EUR/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price	1.2218
Today Daily Change	32 pips
Today Daily Change %	0.26%
Today daily open	1.2186

Trends
Daily SMA20	1.2144
Daily SMA50	1.1947
Daily SMA100	1.187
Daily SMA200	1.1513

Levels
Previous Daily High	1.2186
Previous Daily Low	1.2183
Previous Weekly High	1.2257
Previous Weekly Low	1.213
Previous Monthly High	1.2003
Previous Monthly Low	1.1603
Daily Fibonacci 38.2%	1.2185
Daily Fibonacci 61.8%	1.2184
Daily Pivot Point S1	1.2184
Daily Pivot Point S2	1.2182
Daily Pivot Point S3	1.218
Daily Pivot Point R1	1.2187
Daily Pivot Point R2	1.2188
Daily Pivot Point R3	1.219

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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