EUR/USD Price Analysis: There is a pattern retest in progress as EUR/USD dips back below 1.13

EUR/USD trades 0.24% lower as the single currency struggles on Tuesday.
The pair broke out of the triangle formation on Monday and the price has come back.

Rajan Dhall, MSTA FX Daily

EUR/USD 4-hour chart

The EUR has underperformed today, especially against GBP as EUR/GBP trades at the bottom of the G6 leaderboard on Tuesday. Overnight the pair broke through 1.13 once again but as the session progressed the sellers entered the market and the price dipped back below.

Looking at the 4-hour chart, the key feature is the triangle pattern marked out in black. The pair broke out of the pattern overnight but the bears have now sent the pair back lower to test the top of the structure. This is often the case when it comes to patterns and now it would be prudent to keep an eye on another move higher.

The indicators are looking pretty mixed. The Relative Strength Index looks like it's about to move through the 50 mid-point once again. The MACD histogram is still green but the bars are diminishing in size. The signal lines are still above the zero line but there is about to be a bearish crossover. The chart is still a bullish one but the consolidation high of 1.1348 needs to be broken if the bulls are to have any chance of testing the highs.

Additional levels

EUR/USD

Overview
Today last price	1.1283
Today Daily Change	-0.0026
Today Daily Change %	-0.23
Today daily open	1.1309

Trends
Daily SMA20	1.1263
Daily SMA50	1.1088
Daily SMA100	1.1022
Daily SMA200	1.1044

Levels
Previous Daily High	1.1346
Previous Daily Low	1.1243
Previous Weekly High	1.1303
Previous Weekly Low	1.1185
Previous Monthly High	1.1422
Previous Monthly Low	1.1097
Daily Fibonacci 38.2%	1.1306
Daily Fibonacci 61.8%	1.1282
Daily Pivot Point S1	1.1253
Daily Pivot Point S2	1.1197
Daily Pivot Point S3	1.1151
Daily Pivot Point R1	1.1356
Daily Pivot Point R2	1.1402
Daily Pivot Point R3	1.1458

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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