EUR/USD Technical Analysis: Diamond pattern bull trap above 1.1430 resistance as Euro is set to revisit 1.1320 level by Friday

Flavio Tosti Independent Analyst

EUR/USD daily chart

EUR/USD is trading below its main simple moving averages (SMAs) on the daily chart.

EUR/USD 4-hour chart

EUR/USD is trading in a bear trend below the 200-period simple moving average on the 4-hour chart.
EUR/USD bulls failed to break above the 200 SMA and 1.1430 resistance. The RSI indicator is near 50, the MACD and Stochastic indicators are both bearish.
The target for bears is the 1.1320 level and 1.1215 if the bears gather enough steam.

EUR/USD 30-minute chart

EUR/USD formed a diamond pattern as the market is trading below its 100 and 200 SMA.
Technical indicators are all in bearish territories.
All suggesting that a drop to 1.1320 could potentially be reached by Friday.

Additional key levels at a glance:

EUR/USD

Overview:
    Last Price: 1.1387
    Daily change: 18 pips
    Daily change: 0.158%
    Daily Open: 1.1369
Trends:
    Daily SMA20: 1.1368
    Daily SMA50: 1.1504
    Daily SMA100: 1.1558
    Daily SMA200: 1.1806
Levels:
    Daily High: 1.1473
    Daily Low: 1.1358
    Weekly High: 1.142
    Weekly Low: 1.1216
    Monthly High: 1.1625
    Monthly Low: 1.1302
    Daily Fibonacci 38.2%: 1.1402
    Daily Fibonacci 61.8%: 1.1429
    Daily Pivot Point S1: 1.1327
    Daily Pivot Point S2: 1.1284
    Daily Pivot Point S3: 1.1211
    Daily Pivot Point R1: 1.1442
    Daily Pivot Point R2: 1.1515
    Daily Pivot Point R3: 1.1558

Author

Flavio Tosti

Independent Analyst

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