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


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