EUR/USD Price Analysis: Teasing symmetrical triangle breakout on 4H chart


  • EUR/USD bulls struggling to extend control.
  • A potential symmetrical triangle in play on the 4H chart.
  • Acceptance above 1.2174 is critical, as focus shifts to Fed.

EUR/USD is trying hard to extend Tuesday’s bounce above 1.2150 but in vain, as the bulls remain nervous in the run-up to the Fed showdown.

The Fed is likely to strike a dovish tone, which could further weigh down on the greenback. At the time of writing, the main currency pair trades at 1.2160, almost unchanged on the day.

From a near-term technical perspective, the spot is hovering in the upper band of the recent trading range, having carved a potential symmetrical triangle formation on the four-hour chart.

A bullish breakout will be confirmed only if the price takes out the falling trendline (triangle) resistance at 1.2174 on a sustained basis. At that level, the 100-simple moving average (SMA) coincides.

At the moment, the euro pair is clinging onto the 21-SMA at 1.2157, awaiting a strong trading impetus. The upside break could call for a test of the 200-SMA at 1.2189, above which the 1.2200 could be probed.

Alternatively, the horizontal 50-SMA at 1.2130 would offer initial support. Further south, a breach of the rising trendline support at 1.2119 could yield a breakdown, opening floors towards January lows near mid-1.2100s.

The Relative Strength Index (RSI) points higher above the midline, suggesting that there is additional room to the upside.  

EUR/USD: Four-hour chart

EUR/USD: Additional levels

EUR/USD

Overview
Today last price 1.2162
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.2167
 
Trends
Daily SMA20 1.219
Daily SMA50 1.2125
Daily SMA100 1.1949
Daily SMA200 1.1654
 
Levels
Previous Daily High 1.2176
Previous Daily Low 1.2108
Previous Weekly High 1.219
Previous Weekly Low 1.2054
Previous Monthly High 1.231
Previous Monthly Low 1.1924
Daily Fibonacci 38.2% 1.215
Daily Fibonacci 61.8% 1.2134
Daily Pivot Point S1 1.2125
Daily Pivot Point S2 1.2082
Daily Pivot Point S3 1.2057
Daily Pivot Point R1 1.2193
Daily Pivot Point R2 1.2219
Daily Pivot Point R3 1.2261

 

 

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