EUR/USD Technical Analysis: Euro likely to capitalize on bullish "outside-day"

The EUR/USD created a bullish outside candle yesterday as the intraday high and low engulfed Tuesday's price action. A bullish reversal, however, would be confirmed only if the follow-through is positive, that is, the spot needs to close today above 1.1388 (high of yesterday's bullish outside-day).
The short duration charts are also reporting bullish setup. As a result, the spot is likely to close today above 1.1388.

Omkar Godbole FXStreet Contributor

Hourly Chart

As seen above, the pair has cleared the resistance of the trendline connecting the Nov. 20 high and Nov. 23 high. That bullish breakout indicates the pullback from the recent high of 1.1472 has ended and the path of least resistance is now on the higher side.

15-minute chart

The bull flag breakout indicates a minor bout of consolidation has ended and the rally from the low of 1.1285 has resumed. More importantly, the bullish setup has opened the doors to 1.1468 (target as per measured move method).

Trend: Bullish

EUR/USD

Overview:
    Today Last Price: 1.137
    Today Daily change: 0.0 pips
    Today Daily change %: 0.00%
    Today Daily Open: 1.137
Trends:
    Previous Daily SMA20: 1.1364
    Previous Daily SMA50: 1.1467
    Previous Daily SMA100: 1.1537
    Previous Daily SMA200: 1.1775
Levels:
    Previous Daily High: 1.1388
    Previous Daily Low: 1.1267
    Previous Weekly High: 1.1473
    Previous Weekly Low: 1.1328
    Previous Monthly High: 1.1625
    Previous Monthly Low: 1.1302
    Previous Daily Fibonacci 38.2%: 1.1342
    Previous Daily Fibonacci 61.8%: 1.1313
    Previous Daily Pivot Point S1: 1.1295
    Previous Daily Pivot Point S2: 1.1221
    Previous Daily Pivot Point S3: 1.1174
    Previous Daily Pivot Point R1: 1.1416
    Previous Daily Pivot Point R2: 1.1462
    Previous Daily Pivot Point R3: 1.1537

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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