EUR/USD Technical Analysis: Descending triangle breakout on 15-minute chart, today's close pivotal

Omkar Godbole FXStreet Contributor

EUR/USD may revisit Friday's high above 1.1320 over the next few hours, having witnessed an ascending triangle breakout - a bullish setup - on the 15-minute chart earlier today.

Supporting that bullish case is the range breakout on the 15-minute chart relative strength index and the fact that the spot has found acceptance above the 50-day moving average (MA), currently at 1.1298.

That said, the area just above 1.1320 has proved a tough nut to crack since Friday. Further, the spot created a small doji candle with long upper wick yesterday, signaling indecision in the market. A close above Friday's high of 1.1324 is needed to invalidate that doji candle and open the doors to further gains towards 1.14.

A close below 1.298 (Doji low) would confirm an end of the bounce from the recent low of 1.1184 and shift risk in favor of a drop to 1.1234-1.12. As of writing, the spot is trading at 1.1306.

15-min chart

Daily chart

Trend: Intraday bullish

EUR/USD

Overview
Today last price	1.1306
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.1304

Trends
Daily SMA20	1.1273
Daily SMA50	1.1302
Daily SMA100	1.135
Daily SMA200	1.1447

Levels
Previous Daily High	1.1322
Previous Daily Low	1.1298
Previous Weekly High	1.1326
Previous Weekly Low	1.1213
Previous Monthly High	1.1448
Previous Monthly Low	1.1176
Daily Fibonacci 38.2%	1.1307
Daily Fibonacci 61.8%	1.1312
Daily Pivot Point S1	1.1293
Daily Pivot Point S2	1.1284
Daily Pivot Point S3	1.1269
Daily Pivot Point R1	1.1317
Daily Pivot Point R2	1.1331
Daily Pivot Point R3	1.1341

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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