EUR/USD Technical Analysis: Contracting triangle has been breached to the downside

The EUR/USD pair closed at 1.1303, confirming a symmetrical triangle breakdown.
The bearish pattern indicates that the sell-off from the September high of 1.1815 has resumed and could yield a drop to the recent low of 1.1215. A close below that level would open up downside toward the psychological support of 1.10.
The triangle breakdown is backed by a bearish reading on the 14-day relative strength index (RSI) and the downward sloping 5- and 10-day exponential moving averages.
The 55-day EMA is the level to beat for the bulls, as the EMA caught highs on a closing basis in October, November and earlier this month.

Omkar Godbole FXStreet Contributor

Daily Chart

Trend: Bearish

EUR/USD

Overview:
    Today Last Price: 1.1308
    Today Daily change: 7.0 pips
    Today Daily change %: 0.0619%
    Today Daily Open: 1.1301
Trends:
    Previous Daily SMA20: 1.136
    Previous Daily SMA50: 1.1399
    Previous Daily SMA100: 1.1498
    Previous Daily SMA200: 1.1717
Levels:
    Previous Daily High: 1.1374
    Previous Daily Low: 1.1269
    Previous Weekly High: 1.1444
    Previous Weekly Low: 1.1269
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1309
    Previous Daily Fibonacci 61.8%: 1.1334
    Previous Daily Pivot Point S1: 1.1256
    Previous Daily Pivot Point S2: 1.1211
    Previous Daily Pivot Point S3: 1.1152
    Previous Daily Pivot Point R1: 1.136
    Previous Daily Pivot Point R2: 1.1419
    Previous Daily Pivot Point R3: 1.1464

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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