EUR/USD technical analysis: Bullish hammer suggests scope for retest of recent highs

Tuesday's bullish hammer indicates EUR/USD could soon retest of recent highs near 1.1180.
The daily chart also shows a failed breakdown, a strong bullish signal.

Omkar Godbole FXStreet Contributor

EUR/USD's pullback has ended and the pair could soon challenge recent highs near 1.1180, according to technical charts.

The common currency carved out a bullish hammer candle, validating the preceding day's bullish inside day candle.

The back-to-back bullish candlesticks have invalidated the downside break of the ascending trendline connecting Oct. 1 and Oct. 15 lows confirmed on Oct. 25. A failed breakdown is a powerful bullish signal.

Therefore, the recent high of 1.1180 could come into play in the next couple of days. A violation there would expose the 200-day moving average (MA) at 1.12.

As of writing, the pair is trading largely unchanged on the day at 1.1109.

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.1109
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.1112

Trends
Daily SMA20	1.1055
Daily SMA50	1.1037
Daily SMA100	1.1128
Daily SMA200	1.1201

Levels
Previous Daily High	1.112
Previous Daily Low	1.1074
Previous Weekly High	1.1063
Previous Weekly Low	1.0941
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.1102
Daily Fibonacci 61.8%	1.1091
Daily Pivot Point S1	1.1084
Daily Pivot Point S2	1.1056
Daily Pivot Point S3	1.1038
Daily Pivot Point R1	1.113
Daily Pivot Point R2	1.1148
Daily Pivot Point R3	1.1176

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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