EUR/USD technical analysis: Attempting gains, today's close pivotal


  • EUR/USD created a Doji candle on Thursday, making today's close pivotal. 
  • A close above 1.1184 would confirm an inverse head-and-shoulders breakout. 

EUR/USD has so far gained 13 pips in Asia and is trading at 1.1161, representing a 0.10% gain on the day.

On Thursday, the pair clocked a high and low of 1.1176 and 1.1131, respectively, and ended on a flat note, forming a Doji candle - a sign of indecision in the market place.

The Doji has stalled the recovery from the Oct. 25 low of 1.1073.

Acceptance above Doji's high of 1.1176 would imply a continuation of the recovery rally. That said, stronger evidence of bullish reversal would be a close above 1.1184.

That would confirm an inverse head-and-shoulders breakout on the daily chart and open the doors for 1.1489 (target as per the measured move method).

A bearish Doji reversal would be confirmed if the pair closes today below 1.1131, shifting risk in favor of a drop to the higher low of 1.1073 (Oct. 25 low). A close below that level would confirm a bearish reversal.

Daily chart

Trend: Bullish above 1.1184

Technical levels

EUR/USD

Overview
Today last price 1.1161
Today Daily Change 0.0008
Today Daily Change % 0.10
Today daily open 1.1154
 
Trends
Daily SMA20 1.1074
Daily SMA50 1.104
Daily SMA100 1.1125
Daily SMA200 1.1199
 
Levels
Previous Daily High 1.1176
Previous Daily Low 1.1132
Previous Weekly High 1.1063
Previous Weekly Low 1.0941
Previous Monthly High 1.118
Previous Monthly Low 1.0879
Daily Fibonacci 38.2% 1.1159
Daily Fibonacci 61.8% 1.1148
Daily Pivot Point S1 1.1131
Daily Pivot Point S2 1.1109
Daily Pivot Point S3 1.1087
Daily Pivot Point R1 1.1176
Daily Pivot Point R2 1.1198
Daily Pivot Point R3 1.122

 

 

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