EUR/USD Price Analysis: Struggles above 1.2050 inside rising wedge

EUR/USD edges lower inside a bearish chart pattern.
MACD also teases sellers but key EMAs add to downside filters.
Bulls have a bumpy road to recovery, 1.2200 becomes crucial resistance.

Anil Panchal FXStreet

EUR/USD fades the previous day’s bounce off 1.2060-55 support confluence while easing to 1.2078 amid early Friday’s Asian session. In doing so, the quote nears the support line of a two-month-old rising wedge bearish formation, also joined by the 21-day EMA.

It should, however, be noted that the MACD teases bears to break the nearly 1.2060-55 convergence but the 50-day EMA surrounding 1.2015, followed by the 1.2000 threshold could challenges the EUR/USD bears afterward.

In a case where sellers dominate past-1.2000, odds of the pair’s drop to the yearly low of 1.1700 can’t be ruled out. Though, 1.1850-45 can offer an intermediate halt during the fall.

Meanwhile, corrective pullback needs to cross the 1.2100 nearby hurdles before eyeing the multiple resistance area near 1.2200, not to forget the wedge’s upper line near 1.2210.

If at all EUR/USD bulls manage to cross the 1.2210 hurdle, February’s peak near 1.2245 can act as a buffer before pushing the pair towards the yearly top of 1.2350.

EUR/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.2078
Today Daily Change	5 pips
Today Daily Change %	0.04%
Today daily open	1.2073

Trends
Daily SMA20	1.2064
Daily SMA50	1.1951
Daily SMA100	1.2046
Daily SMA200	1.1955

Levels
Previous Daily High	1.2152
Previous Daily Low	1.2066
Previous Weekly High	1.2172
Previous Weekly Low	1.1986
Previous Monthly High	1.215
Previous Monthly Low	1.1713
Daily Fibonacci 38.2%	1.2099
Daily Fibonacci 61.8%	1.2119
Daily Pivot Point S1	1.2042
Daily Pivot Point S2	1.201
Daily Pivot Point S3	1.1955
Daily Pivot Point R1	1.2128
Daily Pivot Point R2	1.2184
Daily Pivot Point R3	1.2215

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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