EUR/USD technical analysis: Bullish outside day favors a rise to 1.11


  • EUR/USD's daily chart shows a bullish outside day candlestick pattern. 
  • Key indicators are also flashing bullish signals, adding credence to the candlestick arrangement. 

EUR/USD is currently trading at 1.1065, having hit a low of 1.1055 a few minutes before press time. 

On Thursday, the currency pair hit a high and low of 1.1087 and 1.0927, respectively, before ending the day with gains at 1.10635. The price action engulfed the highs and lows set in the preceding six trading days. 

Essentially, the pair created a big bullish outside day pattern on the daily candlestick chart. That candle has appeared at the bottom of an established downtrend and indicates an impending trend change. 

The moving average convergence divergence histogram, a widely-tracked trend-following indicator, is gaining altitude above the zero line, indicating a strengthening of bullish momentum. 

Further, the 5- and 10-day moving averages (MA) are reporting a bullish crossover. 

Put simply, the path of least resistance is to the higher side and the pair could challenge and possibly beak above 1.11 during the day ahead. 

On the downside, 1.0927 (Thursday's low) is the level to beat for the bears. 

Daily chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price 1.1065
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.1056
 
Trends
Daily SMA20 1.1055
Daily SMA50 1.1134
Daily SMA100 1.1185
Daily SMA200 1.1263
Levels
Previous Daily High 1.1087
Previous Daily Low 1.0927
Previous Weekly High 1.1085
Previous Weekly Low 1.0926
Previous Monthly High 1.1251
Previous Monthly Low 1.0962
Daily Fibonacci 38.2% 1.1026
Daily Fibonacci 61.8% 1.0988
Daily Pivot Point S1 1.096
Daily Pivot Point S2 1.0863
Daily Pivot Point S3 1.0799
Daily Pivot Point R1 1.112
Daily Pivot Point R2 1.1184
Daily Pivot Point R3 1.128

 

 

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