EUR/USD technical analysis: Eyes 38.2% Fib hurdle on pennant breakout

EUR/USD's 15-minute chart shows a pennant breakout – a bullish continuation pattern.
The pair could see at least a 60-pip rise during the day ahead.

Omkar Godbole FXStreet Contributor

With short duration charts reporting a bullish continuation pattern, EUR/USD looks set to extend Tuesday’s 0.32% rally to 1.0967 – 38.2% Fib Retracement of 1.1110/1.0879.

EUR/USD’s 15-minute chart shows a pennant breakout. Pennants are continuation patterns, which accelerate the preceding bullish move.

The pennant breakout on the 15-minute chart indicates resumption of the rally from Tuesday’s low near 1.0880 and has created room for at least a 60-pip move to the higher side. As of writing, EUR/USD is trading at 1.0940.

Supporting the bullish case is the above-50 reading on the hourly chart relative strength index.

The bullish case would weaken if the spot falls below 1.0928.

15-min chart

Hourly chart

Trend: Bullish

Technical levels

EUR/USD

Overview
Today last price	1.094
Today Daily Change	0.0006
Today Daily Change %	0.05
Today daily open	1.0934

Trends
Daily SMA20	1.1008
Daily SMA50	1.1072
Daily SMA100	1.1158
Daily SMA200	1.1238

Levels
Previous Daily High	1.0943
Previous Daily Low	1.0879
Previous Weekly High	1.1026
Previous Weekly Low	1.0905
Previous Monthly High	1.111
Previous Monthly Low	1.0885
Daily Fibonacci 38.2%	1.0919
Daily Fibonacci 61.8%	1.0904
Daily Pivot Point S1	1.0895
Daily Pivot Point S2	1.0855
Daily Pivot Point S3	1.0831
Daily Pivot Point R1	1.0958
Daily Pivot Point R2	1.0983
Daily Pivot Point R3	1.1022

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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