EUR/USD Technical Analysis: MACD histogram offers bullish signal for Euro

EUR/USD's daily MACD has crossed above zero, confirming a bullish reversal.
The pair looks set to invalidate bearish lower highs setup.

Omkar Godbole FXStreet Contributor

EUR/USD jumped 0.58% on Monday and looks set to rise further with the daily chart indicator turning bullish for the first in a month.

The MACD histogram, an indicator used to identify trend strength and trend changes, has crossed above zero, signaling a bearish-to-bullish trend change.

The 14-day relative strength index is also reporting bullish conditions with an above-50 print.

The pair, therefore, appears on track to violate resistance at 1.1097 (Nov. 21 high). That would invalidate the bearish lower highs setup and confirm a double bottom breakout, opening the doors to 1.2 (target as per the measured move method).

On the downside, the Nov. 29 low of 1.0981 is the level to beat for sellers. At press time, the pair is trading at 1.1075, representing little change on the day.

Daily chart

Trend: Bullish

Technical level

EUR/USD

Overview
Today last price	1.1077
Today Daily Change	-0.0008
Today Daily Change %	-0.07
Today daily open	1.1085

Trends
Daily SMA20	1.1039
Daily SMA50	1.1043
Daily SMA100	1.1074
Daily SMA200	1.1164

Levels
Previous Daily High	1.1091
Previous Daily Low	1.1002
Previous Weekly High	1.1034
Previous Weekly Low	1.0981
Previous Monthly High	1.1176
Previous Monthly Low	1.0981
Daily Fibonacci 38.2%	1.1057
Daily Fibonacci 61.8%	1.1036
Daily Pivot Point S1	1.1028
Daily Pivot Point S2	1.0971
Daily Pivot Point S3	1.0939
Daily Pivot Point R1	1.1117
Daily Pivot Point R2	1.1148
Daily Pivot Point R3	1.1205

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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