EUR/USD Technical Analysis: Bouncing up from key rising trendline


EUR/USD is currently trading at 1.1320, up 0.15 percent on the day, having defended 1.13 with a bounce from the support of the trendline connecting March 7 and March 11 lows. 

Hourly chart

Both the ascending trendline and the bullish crossover of the 50- and 200-hour moving averages (MAs) indicates the path of least resistance is to the higher side. The relative strength index (RSI) is also reporting bullish conditions with an above-50 reading. 

That said, as per the daily chart, the outlook would turn bullish again if the pair finds acceptance above 1.1339 (March 13 high). 

On the downside, a violation of the ascending trendline on the hourly chart could yield a deeper pullback to 1.1276 (38.2% Fib R of 1.1176/1.1339). 

Trend: Cautiously bullish

    1. R3 1.1381
    2. R2 1.1362
    3. R1 1.1333
  1. PP 1.1313
    1. S1 1.1284
    2. S2 1.1265
    3. S3 1.1236

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

AUD/USD extends losses below 0.6700 on dovish RBA minutes

AUD/USD extends the break below the 0.6700 level after the release of RBA minutes during Tuesday’s Asian session. The minutes reiterated the policymakers’ readiness to ease the policy if needed. Moreover, China coronavirus concerns led risk-off also weigh on the Aussie. 

AUD/USD News

USD/JPY testing key support near 109.70 as risk-off returns amid coronavirus concerns

The safe-haven yen is drawing bids in Tuesday's Asian trading, as the risk-off sentiment remains the key theme amid growing concerns of the negative economic impact of coronavirus outbreak. USD/JPY holds the lower ground near 109.75 amid losses in the Asian equities, S&P 500 futures and Treasury yields. 

USD/JPY News

Coronavirus peaking? How will it impact the Chinese & wider economies and FX?

Coronavirus third straight day of a drop in new cases; Financial and commodity markets are in recovery. Markets have been encouraged by the Chinese authorities early response to the outbreak. Disruptions outside China are likely to be limited to parts of Asia.

Read more

Gold: Bulls dominate beyond $1585 as coronavirus-led risk-off continues

Gold prices remain 0.33% positive to stay mildly above $1586 during early Tuesday. The yellow failed to extend the previous day’s declines as the market’s fear wider than a registered outbreak of China’s coronavirus.

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info

Forex MAJORS

Cryptocurrencies

Signatures