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.

Anil Panchal FXStreet

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
PP 1.1202
1. S1 1.1179
2. S2 1.1155
3. S3 1.1132

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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