EUR/USD technical analysis: Nearby resistance-line tests buyers inside ascending triangle

  • RSI recovery could help clear the immediate upside barrier.
  • The short-term triangle can limit the pair’s moves between 1.1265 and 1.1175.

Despite bouncing off the support-line of a short-term ascending triangle, the EUR/USD pair is presently struggling with an immediate resistance-line, at 1.1210, during early Thursday.

Considering gradual improvement in 14-bar relative strength index (RSI), prices are likely to clear 1.1210 adjacent upside barrier and can rise further towards 1.1230 and 1.1245 resistance numbers.

However, upper-line of a three-week-old triangle pattern, near 1.1260/65, may question the quote’s additional upside, if not then its increase to 50% Fibonacci retracement of March to April downturn at 1.1280 and then to 1.1315/20 region comprising 61.8% Fibonacci retracement can be expected.

On the downside, 1.1175 acts as the key support as a break of which can recall 1.1140 and 1.1130 back on the chart.

During the pair’s extended south-run past-1.1130, 61.8% Fibonacci expansion (FE) of its March – April moves, at 1.1055 might please sellers.

EUR/USD 4-Hour chart

Trend: Positive

    1. R3 1.1274
    2. R2 1.125
    3. R1 1.1227
  1. PP 1.1202
    1. S1 1.1179
    2. S2 1.1155
    3. S3 1.1132


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD: Trapped in a bull flag on 4H chart

EUR/USD's pullback from Oct.21's high of 1.1179 to 1.1106 has taken the shape of a bull flag on the 4-hour chart. A bull flag represents a pause which usually refreshes higher. A breakout would open the doors for 1.1320. A 4-hour close above 1.1134 would confirm a flag breakout.


GBP/USD: Modestly changed to 1.2915 amid fears of UK election

Despite mounting speculations of a general election in the UK, GBP/USD clings to 1.2915 during early Thursday morning in Asia. No major British data highlights the US economic calendar, trade/Brexit news as the key catalysts.


USD/JPY declines to 108.60 amid fresh risk aversion, all eyes on the ECB

With the recent uncertainty surrounding the UK’s politics crossing wires, USD/JPY steps back from the previous rise to 108.60 as Tokyo opens for Thursday’s trading session.


Gold drops to $1,491 despite downbeat catalysts from Asia, Brexit uncertainty

Despite economic challenges from Asia and uncertainty surrounding the Brexit, Gold prices step back to $1,491 amid Asian session on Thursday. An active economic calendar, including ECB, will be the key.

Gold News

ECB Preview: Draghi's defense of his legacy may drag EUR/USD down

"The ECB is ready to do whatever it takes to preserve the euro." These famous words by Mario Draghi, President of the European Central Bank, are the centerpiece of his legacy.

Read more