EUR/USD Price Analysis: Tests the upper boundary around the level of 1.0800

EUR/USD could test the upper boundary of the symmetrical triangle.
Breaking above the upper boundary could potentially shift momentum toward a bullish trend.
A breach below the 14-day EMA at 1.0752 could prompt the pair to test the psychological threshold of 1.0700.

Akhtar Faruqui FXStreet

EUR/USD has recovered its recent gains registered in the previous session, trading around 1.0780 during the Asian session on Tuesday. From a technical perspective, analysis indicates a sideways trend for the pair as it continues to lie within the symmetrical triangle. A surpassing of the upper boundary could shift the momentum toward a bullish trend.

However, the momentum indicator Moving Average Convergence Divergence (MACD) indicates an upward momentum for the EUR/USD pair. While it is positioned above the centerline, there is a divergence observed above the signal line. If the signal line crosses over the centerline, it would reinforce the bullish sentiment.

The EUR/USD pair faces an immediate barrier at the upper boundary of the symmetrical triangle aligned with the psychological level of 1.0800. A break above this level could support the pair to test April’s high of 1.0885.

On the downside, key support for the EUR/USD pair is anticipated around the 14-day Exponential Moving Average (EMA) at 1.0752. A break below the latter could lead the pair to navigate the region around the psychological threshold of 1.0700, coinciding with the lower boundary of the symmetrical triangle around the level of 1.0690. Further support levels may emerge around April’s low at 1.0601.

EUR/USD: Daily Chart

EUR/USD

Overview
Today last price	1.0785
Today Daily Change	-0.0005
Today Daily Change %	-0.05
Today daily open	1.079

Trends
Daily SMA20	1.0714
Daily SMA50	1.0787
Daily SMA100	1.0828
Daily SMA200	1.0791

Levels
Previous Daily High	1.0807
Previous Daily Low	1.0766
Previous Weekly High	1.0791
Previous Weekly Low	1.0724
Previous Monthly High	1.0885
Previous Monthly Low	1.0601
Daily Fibonacci 38.2%	1.0791
Daily Fibonacci 61.8%	1.0782
Daily Pivot Point S1	1.0768
Daily Pivot Point S2	1.0747
Daily Pivot Point S3	1.0727
Daily Pivot Point R1	1.0809
Daily Pivot Point R2	1.0828
Daily Pivot Point R3	1.085

Author

Akhtar Faruqui

FXStreet

Akhtar Faruqui is a Forex Analyst based in New Delhi, India. With a keen eye for market trends and a passion for dissecting complex financial dynamics, he is dedicated to delivering accurate and insightful Forex news and analysis.

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