EUR/USD Technical Analysis: Falling trendline breached, corrective bounce likely

Omkar Godbole FXStreet Contributor

The EUR/USD pair may revisit 1.14 later, having violated key falling trendline soon before press time.

Hourly chart

As seen above, the common currency has just crossed the trendline falling from the Jan. 9 and Jan. 11 highs. The 14-hour relative strength index (RSI) has also moved into bullish territory above 50.00.
That bull breakout validates bearish exhaustion signaled by yesterday's long-tailed candle.
The pair, therefore, could revisit 1.14 in the run-up to European Central Bank's (ECB) rate decision.

Trend: corrective bounce

EUR/USD

Overview:
    Today Last Price: 1.1366
    Today Daily change: 0.0014 pips
    Today Daily change %: 0.12%
    Today Daily Open: 1.1352
Trends:
    Daily SMA20: 1.1425
    Daily SMA50: 1.139
    Daily SMA100: 1.1458
    Daily SMA200: 1.1594
Levels:
    Previous Daily High: 1.1382
    Previous Daily Low: 1.1336
    Previous Weekly High: 1.1491
    Previous Weekly Low: 1.1353
    Previous Monthly High: 1.1486
    Previous Monthly Low: 1.1269
    Daily Fibonacci 38.2%: 1.1353
    Daily Fibonacci 61.8%: 1.1364
    Daily Pivot Point S1: 1.1332
    Daily Pivot Point S2: 1.1311
    Daily Pivot Point S3: 1.1286
    Daily Pivot Point R1: 1.1377
    Daily Pivot Point R2: 1.1402
    Daily Pivot Point R3: 1.1423

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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