EUR/USD Price Analysis: Trapped in a 40-pip range

Omkar Godbole FXStreet Contributor

EUR/USD is being squeeze in a narrow range since Wednesday's early European trading hours.

While the upside has been capped around 1.2150, the bears have failed to push the pair below 1.2110. A breakout/breakdown from the newfound range would open the doors for at least a 40-pip bullish/bearish move.

A range breakout looks likely as the MACD histogram has turned bullish for first since December. Further, the 40-pip looks like a bullish continuation pattern when viewed against the backdrop of Tuesday's upward break of the descending trendline connecting Jan. 6 and Jan. 29 highs.

A move above 1.2150 would expose resistance at the Jan. 22 high of 1.2191. On the flip side, a break below 1.2110 would shift risk in favor of a drop toward 1.2050.

Hourly chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.2133
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2133

Trends
Daily SMA20	1.2098
Daily SMA50	1.2157
Daily SMA100	1.1983
Daily SMA200	1.1728

Levels
Previous Daily High	1.215
Previous Daily Low	1.2114
Previous Weekly High	1.2138
Previous Weekly Low	1.1952
Previous Monthly High	1.235
Previous Monthly Low	1.2054
Daily Fibonacci 38.2%	1.2136
Daily Fibonacci 61.8%	1.2127
Daily Pivot Point S1	1.2114
Daily Pivot Point S2	1.2096
Daily Pivot Point S3	1.2078
Daily Pivot Point R1	1.215
Daily Pivot Point R2	1.2168
Daily Pivot Point R3	1.2186

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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