EUR/USD Price Analysis: Triple Bottom above 0.9800 offer a contra bet, 0.9900 a key hurdle

The formation of a Triple Bottom is displaying signs of a loss in the downside momentum.
Eurozone bulls are attempting to cross the 20-EMA at 0.9843.
An extension of recovery in the asset will send it towards parity.

Sagar Dua FXStreet

The EUR/USD pair is auctioning in a balanced market profile after a responsive buying action from 0.9812 in the Asian session. On a broader note, the asset has remained in the grip of bears but is now displaying signs of exhaustion on the downside. The asset has given an upside break of the consolidation formed in a narrow range of 0.9829-0.9841 in the Tokyo session.

On an hourly scale, the shared currency bulls are displaying some sort of strength as the asset has built a cushion above 0.9800. A spree of testing 0.9800s has formed a triple bottom chart pattern which indicates a bullish reversal after a longer-term downtrend.

The asset is attempting to cross the 20-period Exponential Moving Average (EMA) hurdle at 0.9843, which will strengthen the eurozone bulls. While, the 50-EMA at 0.9872 is still far from reach, which is needed to be conquered.

Meanwhile, the Relative Strength Index (RSI) (14) is oscillating in a 40.00-60.00 range, which indicates that the upside momentum has yet not been triggered.

An upside break of Thursday’s high at 0.9907 will send the asset towards Tuesday’s low at 0.9955, followed by the parity.

On the flip side, the greenback bulls could tighten the grip further if the asset drops below Thursday’s low at 0.9807, which will drag the asset towards the 14 October 2002 low of 0.9695. A drop below the latter will be a fresh two-decade low of 0.9600.

EUR/USD hourly chart

EUR/USD

Overview
Today last price	0.9849
Today Daily Change	0.0018
Today Daily Change %	0.18
Today daily open	0.9831

Trends
Daily SMA20	0.9978
Daily SMA50	1.0088
Daily SMA100	1.0292
Daily SMA200	1.0703

Levels
Previous Daily High	0.9908
Previous Daily Low	0.9807
Previous Weekly High	1.0198
Previous Weekly Low	0.9945
Previous Monthly High	1.0369
Previous Monthly Low	0.9901
Daily Fibonacci 38.2%	0.9845
Daily Fibonacci 61.8%	0.9869
Daily Pivot Point S1	0.9789
Daily Pivot Point S2	0.9748
Daily Pivot Point S3	0.9689
Daily Pivot Point R1	0.989
Daily Pivot Point R2	0.9949
Daily Pivot Point R3	0.999

Author

Sagar Dua

FXStreet

Sagar Dua is associated with the financial markets from his college days. Along with pursuing post-graduation in Commerce in 2014, he started his markets training with chart analysis.

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