EUR/USD technical analysis: Eyes 1.10 after Dragonfly Doji

EUR/USD created a Dragonfly Doji on Tuesday - an early sign of bullish reversal.
The pair could rise to 1.10 today, but a close above 1.0926 is needed to abort the bearish view.

Omkar Godbole FXStreet Contributor

EUR/USD is mildly bid at press time and could rise to 1.10 as technical charts are flashing early signs of a bullish trend reversal.

For instance, the pair created a bullish Dragonfly Doji candle on Tuesday, which occurs when the opening and closing prices are nearly identical with little or no candle body.

A Dragonfly Doji occurring after an established downtrend is widely taken as a sign of impending bearish-to-bullish trend change.

In EUR's case, the candlestick pattern snapped the six-day losing streak and could fuel a corrective bounce. That said, the bearish outlook would be invalidated if the pair manages to end the day above the former support-turned-resistance of 1.0926 (Aug. 1 low).

The bearish view would be bolstered if the pair closes today below 1.0926 (Dragonfly Doji's low).

Daily chart

Trend: Oversold bounce likely

Technical levels

EUR/USD

Overview
Today last price	1.0976
Today Daily Change	0.0002
Today Daily Change %	0.02
Today daily open	1.0974

Trends
Daily SMA20	1.1103
Daily SMA50	1.1173
Daily SMA100	1.1198
Daily SMA200	1.1274

Levels
Previous Daily High	1.098
Previous Daily Low	1.0926
Previous Weekly High	1.1164
Previous Weekly Low	1.0962
Previous Monthly High	1.1251
Previous Monthly Low	1.0962
Daily Fibonacci 38.2%	1.0959
Daily Fibonacci 61.8%	1.0946
Daily Pivot Point S1	1.094
Daily Pivot Point S2	1.0906
Daily Pivot Point S3	1.0887
Daily Pivot Point R1	1.0994
Daily Pivot Point R2	1.1014
Daily Pivot Point R3	1.1048

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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